An independent survey is important as the valuation carried out by your lender is only for their benefit. It only tells your lender if the property you wish to buy is worth lending you the money. You may not even get to see a copy of this valuation.

A private independent survey could potentially save you thousands of pounds, as once you exchange contracts on the property you will be liable for remedying any defects. This survey is only for you.

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An independent survey is important as the valuation carried out by your lender is only for their benefit. It only tells your lender what they need to know to decide if the property you wish to buy is worth the money they will be lending you. You may not even get to see a copy of this valuation.

A lenders valuation may be considered adequate if you are purchasing a new-build property, which is covered by the NHBC. However, in most cases a lenders valuation does not provide you with protection against defects found in the property.

A private independent survey could potentially save you thousands of pounds, as once you exchange contracts on the property you will be liable for remedying any defects. This survey is only for your benefit and will not be accepted by the lender. These two case studies below highlight just how important a survey can be (case studies kindly provided by SAVA):

“Mr and Mrs James believed that their mortgage lender’s valuation provided a survey report. After they moved in they found a leaking shower had caused dry rot in the timber floor. It cost them over £10,000 to repair.”

“The terraced house that Simon Jackson chose looked like new. Alterations and improvements had been made, including making 2 small living rooms into a through lounge. Luckily he chose to have a survey conducted. The survey found that a beam to support the wall above had been placed on unstable brickwork and that there was a risk of collapse, and that there was a serious fire hazard from the newly boarded kitchen ceiling and walls. Still keen on the house, they obtained quotations for repairing the wall and taking the ceiling down and negotiated a £5,000 reduction in the asking price.”

Choosing the right survey for you To save you from facing any of these potential headaches you can commission a survey from a RICS surveyor by completing the form overleaf.

You will need to choose between two survey types:

• An RICS Homebuyer Survey and Valuation Report is a mid-priced report that focuses on the defects and problems that are significant, urgent and affect the value. It is only suitable for properties that are built after 1900 and are conventional in type and construction. Wiring, drainage and gas are not covered so you may require a specialist to check these for you. This is a standard written report but there is also an electronic version available called the Accredited Surveyors Home Survey Report. This report also provides a condition rating for each part of the property. Both of these reports are identical in price.
  
  
• A Residential Building Survey is a far more comprehensive survey that will examine your property from top to bottom and will look at nearly all aspects of the property. Gas, drainage, wiring, the history and structure of the building as well as any potential future problems will all be looked at. A building survey is suitable for all types of property and is particularly suited to properties that are of unusual construction, built before 1900 or have been extensively altered.

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