Basic Valuation

The most common type of survey is the basic valuation. This is normally carried out pre-purchase and costs between £100 and £300. The basic valuation satisfies a mortgage lender's requirement to ensure that the property you are intending to purchase is adequate security for the money they will lend you. This is primarily just to make sure that they do not lend you more than the property is worth! The basic valuation, as its name suggests, is the cheapest of the three options, and is a valuation, not a survey. Many people are now therefore choosing to pay a little more for the homebuyers survey.

Homebuyer's Survey

The homebuyer's survey, costing between £200 and £500, is becoming increasingly popular. Many purchasers are now deciding that it is worth spending a little extra money at the beginning to avoid the possibility of problems later. A homebuyer's survey is more detailed than the basic valuation and is recommended for conventional properties aged less than 75 years old which appear to be in good condition. If problems do arise later on and the surveyor should reasonably have identified them, there is the possibility of making a claim on their indemnity insurance. Most purchasers use the same surveyor as the one instructed by the mortgage lender.

Full Structural Survey

The full structural survey is recommended for properties older than 70 years, or if of non-standard construction. This survey is more tailored to the particular property and takes into account any proposals the client may have for the property. It is a very detailed report on the condition of the property and if necessary give some indication of remedial costs. The surveyor is obliged to inform you of every possible defect. If any problems are later uncovered then they will be held liable.