Purchasing your new home is likely to be the largest financial commitment that you will make and it therefore makes sense to ensure that any potential problems with the property are identified before you commit to buy.
When you purchase a property and need a mortgage, most lenders will send a surveyor to look over the property. This is known as a mortgage valuation. It is designed to advise the lender if the property is suitable as security for the mortgage; basically, if you didn’t pay the mortgage repayments, would the lender be able to repossess the house and resell it to get their money back.
Whilst most, but not all, lenders will send the buyer a copy of the mortgage valuation report, it is only a basic form and should not be relied upon when making your purchasing decision.
For peace of mind, most sensible buyers arrange to have a more in-depth survey carried out on the property that you intend to buy. If you are paying cash for the property that you are buying then your solicitor will undoubtedly advise you to obtain an independent survey.
Harwoods have been providing homebuyers with survey advice for many years and we can provide a comprehensive range of surveys that will go into varying degrees of depth.
Our range of reports include the following:-
Basic Valuation Report
A basic valuation report is a limited inspection of the property and will not report in any detail on items of repair unless they are considered so severe as to affect the value and saleability. This is a very limited inspection and the report should not be used solely for deciding whether or not to purchase a specific property.
A basic Valuation Report can be used for a variety of purposes including lending, probate, part exchange, relocation, matrimonial settlement, taxation etc.
What would it cost?
The typical cost for a basic valuation report on an average sized property is likely to be in the region of £125 plus VAT.
Please telephone Harwoods on 01933 441464 should you require a specific quote.
Homebuyers Report & Valuation
A Homebuyers Report is a much more detailed report designed to be “user friendly” and will provide a clear and concise picture as to the condition and value of the property. Matters of concern will be identified, together with any issues that should be investigated or acted upon before you enter into a legal commitment to purchase. Any matters with a possible legal implication will be identified by our surveyor and noted for further investigation by your solicitor or conveyancer. We will provide, free of charge, a second copy of this report directly to your solicitors should you ask us to do so.
A Homebuyers Report and Valuation is suitable for the majority of properties with the possible exception of those which are very large, old or of unusual construction. Our surveyor can advise at the time of your enquiry whether this report will be suitable for your likely needs.
What would it cost?
The typical cost of a Homebuyers Report & Valuation on an average sized property is likely to be in the region of £300 to £400 plus VAT.
Please telephone Harwoods on 01933 441464 should you require a specific quote.
Building Survey
A Building Survey is the most comprehensive and in-depth report that we provide. This type of report is particularly suitable for older properties, unusually constructed properties, listed buildings, properties that have had extensive alterations or properties that you plan to renovate or refurbish.
Our surveyor will examine all accessible parts of the property and if you have any particular worries about the building then you can ask our surveyor to look at specific areas of concern.
A Building Survey includes details of major and minor defects and what they could mean, the possible cost of repairs, results of damp testing on walls, damage to timbers such as woodworm and rot, insulation, drainage (though drains aren’t tested), technical information on the construction of the property and the materials used, the location and recommendations for any further special inspections that may be required.
A Building Survey doesn’t include a valuation, but our surveyor can provide this separately if you need one.
What would it cost?
The typical cost for a Building Survey on an average sized property is likely to be in the region of £600 plus VAT.
Please telephone Harwoods on 01933 441464 should you require a specific quote.
