Once you've found a property to buy, you will need to decide what level of survey would be a sensible choice. There's no right or wrong answer but getting as much information possible about the property you are buying is never a bad thing.
If you are taking out a mortgage, your lender will conduct their own valuation of the property. This gives them independent confirmation of the property’s value and ensure its suitable security for a loan and that the property meets their criteria. They are lending money against this property so it has to be right. Some lenders may offer you the choice to 'upgrade' to a more in-depth survey, it's worth asking if they will, as it can be more cost effective than buying a survey yourself.
Sometimes referred to as a Homebuyer Report, this will take the surveyor approximately 2-4 hours, they will find and document any problems that could cause damage or need future repairs. You should receive the report around 3-5 working days after the survey however not all Homebuyers Surveys give you a valuation of the property.
This is carried out by a RICS (Royal Institute of Chartered Surveyors) qualified surveyor and provides a detailed evaluation of a property’s condition and involves an extensive inspection which can take anywhere between 4-8 hours depending on the size of the property. You can expect to receive the report within 5-10 working days after the survey takes place. This is an ideal survey for an older property or if you are planning to do major works on your new home.
A full structural survey is a detailed and comprehensive examination of the condition of the property and its structural integrity, much the same as a Building Survey in content and duration however this survey will be carried out by a Chartered Civil Engineer or a Structural Engineer.
Once you have your survey report there may be areas where you require a specialist in order to carry out a more detailed investigation and quote on any work required. An example being damp or timber surveys. Your surveyor or estate agent will know of local companies able to assist with these matters.