Types of Property Survey

Before looking at the different types of property survey perhaps it’s an idea to start by looking at a mortgage valuation, which is a report that is prepared by a valuer on behalf of a mortgage lender. The report will assess the value of the property that you are buying and will provide the lender with an opinion on whether the property is a suitable security for the loan that you are applying for.

The mortgage valuation will usually contain the following information:

• The address of the property
• The date of the valuation
• The name of the valuer
• The name of the lender
• The purchase price of the property
• The value of the property
• The lender’s opinion on whether the property is a suitable security for the loan
• Any special conditions that the lender may have imposed on the loan

The mortgage valuation is an important part of the mortgage application process. It is important to make sure that you are aware of the contents of the report and that you understand the lender’s opinion on the value of the property.

If you have any questions about the mortgage valuation, you should speak to your mortgage lender or to a qualified financial advisor.

However, there are  3 main types of property survey available in the UK that you shoul dbe aware of:

• Homebuyers Report

A Homebuyers Report is a type of survey that is suitable for most conventional types of property. It is a non-intrusive survey, meaning the surveyor will only assess visible “surface-level” areas of the property. The report will include a description of the property’s condition, as well as any major defects or issues that may require urgent attention. The report will also include the surveyor’s opinion on the property’s value.

• Building Survey

A Building Survey is a more detailed type of survey that is suitable for older properties, properties that have been extended or renovated, or properties that are in poor condition. The survey will include a detailed inspection of the property’s structure, as well as its roof, walls, floors, and services. The report will include a description of the property’s condition, as well as any major defects or issues that may require urgent attention. The report will also include the surveyor’s opinion on the property’s value.

• Condition Report

A Condition Report is the most basic type of survey and is suitable for properties that are in good condition and that you are confident do not require any major work. The report will include a description of the property’s condition, as well as any minor defects or issues that may require attention. The report will not include any advice on how to deal with these issues.

The type of survey you choose will depend on the age and condition of the property you are buying, as well as your own individual circumstances. It is important to get professional advice from a surveyor before you decide which type of survey is right for you.