When you have an offer accepted on a property in Nottingham, the next task for you will be to arrange a property survey, as a way establishing the condition of the property and to make sure that it is definitely worth what you will be paying for it.
If the property survey highlights something in particular, you are then in a position by law to approach the seller of the property and negotiate a price for the required works, to make sure the property is in the appropriate condition.
Property Survey Types
As a first time buyer in Nottingham, you likely aren’t sure of the differences between the different property survey types and their costs, and would like to know.
There are 3 main types of property survey available to you:
- Mortgage Valuation
- Homebuyer’s Report
- Full Structural Survey
Mortgage Valuation
This is the most basic valuation type and is one that you will be required to pay for if you are looking to secure a mortgage offer (not to be confused with a full property survey). The mortgage valuation is a confirmation to the lender that the property is worth the amount you are looking to borrow.
A mortgage valuation does not necessarily highlight any repairs that you need to make, but it may point out any obvious issues and recommend that you look further into them. You will of course have to pay for anyone to take a more in-depth look.
Homebuyers’ Report
This type of property survey will cover structural safety and highlights problems, such as any damp, as well as anything that doesn’t match up to current building regulations. You will be given an independent report by a property expert.
To make sure that you are not paying for two surveys, it is worth asking if the mortgage companies surveyor can carry out this report for you. A Homebuyers’ report can usually take a few hours to complete.
Full Structural Survey
This type of property survey is definitely recommended if you are looking to purchase an older property or one that has been built as a non-standard construction.
Depending on the type of the property, as well as the size of the property in question, a full structural survey can take as long as a day to complete.
A full structural survey will give you, the homebuyer, a much more detailed report on the condition of the property. It will also highlight issues that should be looked into further before going ahead with the purchase, providing you with peace of mind about the condition of your new property.
Which property survey to go for?
As an open & honest mortgage broker in Nottingham, we will recommend the most appropriate property survey for you to have taken out on your potential new property. Ultimately, it depends on what it is you are looking to achieve, as well as the type of property you are purchasing.
You can find a surveyor to carry out a homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
Date Last Edited: November 21, 2023
