Do you need a property survey? In that case, you need a Chartered Surveyor.
Property surveys can be used for a whole range of purposes. Sometimes, they are requested because someone requires specific information about a property. Other times, they are obtained to fulfil a legal requirement, for example, during a property sale.
There are 3 main types of property survey that a surveyor can perform. Each type has its own scope because they are designed to meet distinct needs. Read on to find out more about these surveys and make sure that you get the right one for your circumstances.
Valuation Survey
If you’ve ever applied for a mortgage, you’ll be familiar with the concept of valuation surveys.
They exist so lenders can ensure the property — that they’re lending you money to buy — meets their lending criteria. As part of the application process, they will send someone to survey the property.
This survey will confirm the value of the property to the lender. It will also provide evidence that the loan you’re applying for is appropriate to the type of property you’re buying.
As part of this survey, the surveyor may compare your property to others that have been sold in the area. A lender’s main criteria is that it’s the right kind of property being sold at the right price, and the valuation survey clarifies this.
To receive a mortgage, this valuation is required. It is paid for by the mortgage applicant that is planning to purchase the property.
Home Buyers Report
There are 3 parts of a Home Report, and one is a property survey known as the Home Report Survey or the Single Survey. This survey is a legal requirement in Scotland.
Its purpose is to provide objective information about a property to any potential buyers, and it must be obtained before putting the property on the market.
This survey will rate different features of the property according to their condition. The surveyor will assess whether each aspect is satisfactory or whether work is required.
Only surveyors registered with the Royal Institution of Chartered Surveyors are qualified to produce Single Surveys.
The person selling the house pays for the Single Survey to be undertaken. Because the results are shared with potential buyers, this acts as an incentive for sellers to make repairs before they put a property on the market.
A positive Single Survey can be a great tool when selling a property!
Full Structural Surveys
This is a very detailed and in-depth survey of a property’s structure. It is requested by a property owner or potential buyer, and its contents can be tailored to their specific concerns.
If someone is concerned about the condition of a property’s roof, for example, they can use this kind of survey to get an expert perspective.
The results of a full structural survey will include issues identified, suggested repairs, and estimated costs. For this reason, it could be useful for someone planning to remodel a property.
The person who requests this survey is the one who will pay for it, whether that person is the owner, buyer or seller of the property.
Unlike the other 2 surveys, a full structural survey is generally considered a source of extra information as opposed to a legal requirement intrinsic to any specific process.
Which Survey?
If you are a buyer, you need a valuation survey in order to obtain a loan. Your lender will require this as part of the application process, to ensure the property meets their lending needs. The cost of this survey will be covered by you.
If you are a seller, you will need a Home Buyers Report. This is one of 3 documents required to form a Home Report, as per Scottish law. The results of this survey will be shared with potential buyers, so you might want to make repairs before it’s undertaken!
If you have a specific concern regarding a property, you can request a Full Structural Survey at your own cost. The information it includes could be useful if you want to remodel or repair your property: it will make suggestions and provide estimated costs for the work required.
As you can see, it’s important to know what kind of survey you need and who is expected to pay for it.
Now, you understand the difference between a Valuation Survey, a Home Buyers Report, and a Full Structural Survey – and you undoubtedly know which property survey you should get! All you need is a Chartered Surveyor.
