Independent Mortgage Advice- Surveys
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Surveys
Conducting a survey
Once you have agreed
a purchase price with the vender of your new property, a survey is
required to assess the property's condition and value.
Normally a valuation
or survey is carried out by your mortgage lender. They will instruct
either a staff surveyor or a third party surveyor to assess the
property. The survey costs are normally bourn by you the purchaser.
Your mortgage lender
will require at least a basic valuation before allowing your loan to go
ahead.
Basic Mortgage
Valuation
This is a report
on the value and condition of the property for the benefit of the
lender, in most cases you can get a copy of the report but some lenders
do not release them. The valuer is looking to see that the property is
good security for the lender and will look for potential defects and
confirm that the purchase price is realistic.
In some cases,
particularly Re-mortgages where the property has been valued before and
the value is consistent' with similar properties the even a basic
valuation may NOT be undertaken, the valuer may simply 'drive by ' the
property to check its condition.
In almost every
case, we recommend strongly that you get a more detailed report on the
condition of the property to protect not only your lender's interests,
but your own as well. Make sure that the surveyor you use is a member of
the Royal Institution of Chartered Surveyors or the Incorporated Society
of Valuers and Auctioneers.
If you apply for
your mortgage through Aspire IFA Ltd, we will help you organise
the survey and choose between the types of report.
There are two kinds
of surveyor's report beyond the basic valuation:
1) A House
Buyer's Report comments on the condition of only those parts of the
property which are easily accessible or visible. The surveyor will
recommend any further investigations he thinks are necessary – for
example if he thinks the wiring needs checking or there is the
possibility of some structural problems.
2) A Full
Structural Survey involves a more extensive investigation. A full
survey is more expensive than a house buyer's report, but should tell
you much more about any work that may need doing on the property if you
buy it. Full surveys are recommended in many cases, particularly if you
are buying a property that is more than 100 years old or the building is
more than three stories high.
When you view the
property yourself, look out for any signs of problems like cracks or
damp patches so you can point these out to the surveyor later for him to
inspect properly.
When you set out on
the home-buying process, you should budget for the cost of more than one
survey. You might find the surveyor's report on your first property
uncovers serious faults (such as subsidence or rot) which mean you want
to withdraw your offer. Even if there are no problems with the property
itself, another bidder could step in with a better offer at the last
minute.
Either way, you will
have to start the whole process again, and that includes organising a
survey for the next property where your offer is accepted.
Where the survey
does reveal serious problems, you are free to withdraw your offer. If
the problems can be fixed, you may be able to use the survey results to
negotiate a reduction in the sale price to compensate you for this extra
expense.
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