Many people involved in the process of buying or selling a property have had little previous experience and are often confused by the various terminology used to describe surveys and reports. Below some of these terms are explained. Contact Our Surveying team via email by clicking Here
a Mortgage Valuation.
If the property transaction involves a mortgage as is usually the case, the minimum survey or report requirement will be A Mortgage Valuation. This is a report carried out by a Building Surveyor which advises the lender as to the suitability of the property for mortgage purposes. It highlights only the defects which will significantly affect the value of the property, but does not provide a comprehensive report of the condition of the property.
Building Survey (formerly known as a Structural Survey).
These reports are suitable for any home, but are particularly suitable for older properties, properties of unusual construction, those which have been poorly maintained, properties which have been extensively altered or extended, or any property that you may wish to alter or extend. The report advises you on the condition and state of repair of the property, through a thorough inspection. It is designed to give you peace of mind and to put you in a position of strength during the home buying process.
Structural Engineers Report.
Following one of the above surveys and reports it may be that the Building Surveyor has recommended a Structural Engineers Report on a specific defect or defects to ascertain a specialist view of a potential problem. At this point if a mortgage is involved in the proposed transaction, a lender will certainly not proceed until a report has been carried out by a Chartered Structural or Civil Engineer. Structural or Civil Engineers will also often carry out a Structural Engineers Report, not confined to a specific defect or defects, but addressing all the main structural elements of the property.