| There are essentially three types of surveys to be considered, the building survey (previously known as a structural survey), the Homebuyer Survey, and the basic Valuation.
Building Survey
A building survey (previously known as a structural survey) is a comprehensive inspection suitable for all properties but especially recommended for listed buildings, those built before 1900. It is also a good to get a building survey on any building constructed in an unusual way; properties you are planning to renovate or alter in any way, or properties which have already had extensive alterations.
At Surveying Devon & Cornwall, we carry out a detailed examination of all accessible parts of a property and tailor it to suit your individual needs and concerns. We come back to you with experienced advice on all major and minor faults, what the implications are and the possible cost of repairs. We’ll also include recommendations for any further specialist inspections.
It is important t let you know that a building survey does not include a valuation. Of course, we can provide you with a separate valuation report if you need one.
Homebuyer Survey
The Homebuyer Survey and Valuation Report or (HSV) is a service carried out to a standard format, defined by The Royal Institution of Chartered Surveyors (RICS), designed for properties built after 1900, which are of conventional construction and in reasonable condition. An HSV includes the property's general condition, any significant defects, in accessible parts of the property, which may affect its value, and urgent and significant matters that need assessing before entering into exchanging contracts.
The HSV includes the value of the property on the open market and the recommended reinstatement cost for insurance purposes. An HSV is not a detailed survey of every aspect of the property and focuses only on significant and urgent matters. It's not suitable for properties built before 1900, those in need of renovation or that you are planning to extend.
Valuation
A valuation is an inspection carried out on behalf of your mortgage lender to determine the amount and terms of a mortgage offer. Your mortgage lender will probably ask you to pay for the valuation and will send you a copy of the report.
A valuation is not a survey. It's a limited inspection to identify problems that affect the security of your mortgage lender's loan. A property can have defects that are critical to a prospective buyer, but are not of concern to the mortgage lender and therefore won't appear in a valuation report. That's why you should not just rely on the information provided by a valuation when deciding whether or not to purchase a property.
More Information
Feel free to read the RICS publication understanding property surveys which explains the various types of surveys that are available to see what is appropriate for the type of house you are buying.
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