Different Types of Property Surveys in Halifax

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Property Survey Mortgage Advice in Halifax

What sort of house survey suits you?

Mortgage Valutation

Homebuyer's Report

Full Structural Survey

Do I need to get a survey on a new build?

How can our mortgage advisors in Halifax help you?

Property Survey Mortgage Advice in Halifax

The lender will conduct a property survey when the offer you put forward has been accepted. The property will be examined for its condition, will bring up any structural issues, and will notify you of any repairs or maintenance needed.

If you have found a property that has some structural issues surrounding it and will need a lot of work, the lender may decrease the initial amount they were going to offer to match the price with the condition of the property.

A property surveyor will carry out this job and will let you know of any minor damages that need to be done and any repairs that need to be fixed before your move-in date.

What sort of house survey suits you?

If you are looking for a place that provides property surveys and homebuyers report, there is many reputable organisation in the UK to choose from. The more well-known is the Royal Institution of Chartered Surveyors. We do recommend that you hire a surveyor who is an accredited member. There are many types of surveys so it’s key you find the one that is right for you:

• Mortgage Valutation
• Homebuyer’s Report
• Full Structural

Each survey type varies in terms of what each highlights, pricing and how the duration of time it takes to be completed. Sometimes, mortgage lenders will add a free property in your offer.

On the flip side, not all lenders will offer this service for free. We do find that the a deal that offers a free survey will usually come with paying a lot more for set-up/arrangement fees.

For example, one survey could be more detailed than the other. If you are in a situation where you weren’t notified about something in your survey report you have the legal right to work out an alternative, if necessary.

Mortgage Valutation

As mentioned, each type of property survey differ from the other, one of the simplest ones is a Mortgage Valuation and is carried out to see how much a property is worth.

A Mortgage Valuation work by finding out the property worth and if they find the amount they valued it at doesn’t weigh up to the you agreed to pay for it, there could be a chance that your lender would withdraw your offer as you will be lending more than the property’s worth. If you are in this case, you can either attempt to re-negotiae the price with the owner or pay the different between the offer and the value the lender is going to lend you.

It won’t provide an in-depth report, therefore, it is the cheapest property survey. The report will mentioned any obvious repairs and defects like structural damages. One thing to keep in mind is that it will not show small, minor damages on the property.

If you are wanting a more detailed report, you will need to upgrade your survey. This will come with a cost, however, it could be beneficial in the long run. With this report, you will find out everything that need to be sorted before any further damage could be done.

Homebuyer’s Report

A Homebuyer’s Report will highlight how safe the property is to live in. It will detail issues like mould, damp walls and ceiling or anything that isn’t in line with the current building laws.

A thorough inspection will carried out in the property will every room. The surveyor will check everything including the little details which could take them up to a day on a big property.

Full Structural Survey

As an expert Mortgage Broker in Halifax, we would strongly advise that you sort out a Full Structural Survey if you are looking for an in depth report of the home you’re buying. This does particularly apply to those who are buying an older house because it will let you know of any minor repairs and damages that are on the property. There is more of a chance with this with an older property.

This will come with a price, however, because of the detailed that goes into the report, however, it will provide you with the most information about the property. You will be given a comprehensive report that will let you known about the overall condition of the property and notify you of any changes that need to be made if the property carries through to purchase.

It can take up to a full day to have a Full Structural Survey carried out, however, this does depend on the property size.

Do I need to get a survey on a new build?

For first time buyer in Halifax with a new build, property surveys are carried out slightly different. You may think that you don’t need a property survey carried out because the house is new, however, it’s good to have one done just in case.

A Snagging Survey is a property survey that is designed for new builds. The information in this survey will include the property’s overall condition, highlighting both minor and major problems. Examples of these include missing door hinge or a crack in the ceiling (which isn’t always the case with a new build).

In the case where you are moving into a new build that’s already been built, it would be good to get a snagging survey sorted on the property prior to moving in. With this, you can be able to negotiate the price should they find anything wrong with the property.

How can our mortgage advisors in Halifax help you?

Our Mortgage Advisors in Halifax are happy to help if you are wondering which property survey is the best one for you. To speak with one of our fantastic advisors, book your free mortgage appointment or get in touch with our team today!

Through our experience we have helped many people who are taking that first step onto the property ladder as well as home movers in Halifax.

Date Last Edited: January 15, 2024