It is very important to remember that when you buy a property in this country you are given no guarantee by the seller regarding its physical condition or any of the services connected to it. You should, therefore, give serious consideration to having a private survey of the property to make sure that there are no defects which are not readily apparent.

There are two main types of survey. The first, which is the most thorough but equally the most expensive, is a full structural survey. Alternatively you can arrange a slightly less detailed inspection, known as a Home Buyers Report, which requires the surveyor to complete a fairly detailed questionnaire based on a standard format produced by the Royal Institution of Chartered Surveyors. If you wish, we can put you in touch with a surveyor who will explain the differences between the two and the costs that are involved.

Your mortgage lender will require a valuation of the property which the lender will arrange, but for which you will have to pay. There may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to your mortgage lender but which would matter to you.

If you have received a copy of the valuation report you should not rely on it when deciding whether to proceed with the purchase. Instead we recommend that you decide whether the property is suitable for your purposes after obtaining your own more detailed report on the condition and value of the property.

It is normally possible to arrange for the mortgage lender’s surveyor to carry out a Home Buyers Report or full structural survey as part of their valuation, and thereby reduce the overall costs. As a rough guide, the Home Buyers Report is usually approximately twice the cost of the basic valuation carried out for the mortgage lender.