What Are The Different Types of Property Survey?

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Mortgage Valuation

Homebuyer Report (Level 2)

Building Survey (Level 3)

Specialist Property Surveys

Do I need to get a survey on a new build?

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Whether you’re a first time buyer or seeking to remortgage, it’s important to have the appropriate property survey. Our team of experienced mortgage advisors can assist you in selecting the best option.

Mortgage valuation

When applying for a mortgage, the lender will conduct a valuation of the property to determine its true value and assess the risk. There are two types of valuations: physical and automated. Physical valuations involve a surveyor visiting the property to assess its condition, which is particularly useful if the property has undergone any renovations.

Automated valuations on the other hand, rely on an online database to compare the property to similar ones in the area. While automated valuations are quicker, they may not always be as accurate as physical valuations. Your lender may offer a free valuation, but this varies between lenders.

Generally, mortgage valuations are the cheapest, as they do not go into a great amount of detail, unlike the other types of property survey, which may offer insight into possible property concerns.

Homebuyer report (level 2)

If you’re considering buying a property, it’s a good idea to get a homebuyer report to ensure its safety and quality.

During the inspection, every room in the property will be checked for any issues that may require further inspection or immediate action, such as damp, mould, or ceiling problems. The report will also ensure that the property complies with current UK property laws and highlight any legal issues that need to be addressed before purchase.

Homebuyer reports are more in-depth, therefore they cost more than a basic mortgage valuation. Some mortgage lenders may offer to include a homebuyer report for an additional cost, or you can opt to get an independent homebuyer report from an accredited surveyor.

A homebuyer report may not be suitable for listed buildings, older properties, properties that have undergone extensive modification, or properties in need of modernisation.

A homebuyer report typically does not include a market valuation; however this may be available as an additional cost.

Building survey (level 3)

A building survey is the most comprehensive type of property report available. It is suitable for all types of properties and especially helpful for older ones as it outlines necessary repairs and potential upgrades.

This survey will provide you with information on any legal issues, points of concern, possible defects, and advice on how to rectify these issues. It can also outline a repair timeline, comment on energy efficiency, and detail how the property was built. Additionally, it provides a thorough visual inspection of wider issues such as roof space, ground floors, and services. However, due to the level of detail, it comes with a higher price tag than other surveys.

Once again, your mortgage lender will not outright offer this type of survey, though you may be able to ask them to add this on to your valuation for an additional cost and like the homebuyers it usually doesn’t include a market valuation, however this may be available as an additional cost.

Specialist property surveys

There may also be issues that are brought to your attention during a homebuyer report or building survey, that may require further investigation and a specialist property report.

There are various types of specialist survey and reports available such as, damp and timber report, roof, drains, gas, electric, asbestos, and central heating etc.

We can help you find a local contact for all of the above.

Written by
Malcolm Davidson
Managing Director of UK Moneyman Ltd.
MAQ & CeRER Qualified

8th April 2024

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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