An Explanation Of The Survey Differences
The 2 main types of survey reports offered by members of the RICS and ISVA are as follows:
Building Survey
Home Purchase Survey
If you are buying a residential property of any type whatsoever, whether it is the smallest studio flat or the most impressive palace, it is essential that you obtain sound professional advice. Even though you may be seeking a mortgage and paying for a Mortgage Valuation Report it is still prudent to arrange an independent survey.
This is also the advice given by The Consumers Association, Which, and the Council of Mortgage Lenders.
Can you really rely on the estate agent or the lender to advise you on a property's condition or value?
In the majority of cases the Home Purchase Survey is quite adequate. This provides a relatively inexpensive concise form of report which focuses on defects and other problems which are considered urgent or significant. It also provides an open market valuation and draws attention to points that need to be checked by your legal adviser.
The Home Purchase Survey is not however suitable for properties that are unusual in terms of their age or type of construction and the Building Survey should be used in these cases.
For further information and assistance in choosing the most appropriate survey for your needs visit: http://www.rics.org/uk/
If you are in any doubt please telephone for advice.
Please call me on Telephone: 0207 771 3081, Mobile: 07976 840 885 or e-mail me today for a no obligation quotation!