Property surveys...

The lender will need to value the property to ensure that it represents sufficient security for their loan, and normally you will pay the fee for this. The actual cost of any survey is directly linked to the value of the property. If you wish you can also pay for a more detailed survey to be carried out; your choice will depend on the state and price of the property, and how much you can afford to pay for the survey itself. Although the standard valuation is carried out on behalf of the lender, any further reports are carried out on your behalf: in some cases it is obviously in your interests to make doubly sure that the property is in a good state prior to purchasing it.

Standard Valuation

A standard valuation will simply tell you how much the property is worth and whether there are any obvious defects. The surveyor would not normally examine the structure of the property in any great detail, which could be seen as a disadvantage. Whilst this is by far the cheapest option, you must be absolutely certain the property has no problems if you decide to opt for the standard valuation.

A homebuyer’s report, on the other hand, focuses on significant defects and problems that are likely to have an effect on the property’s value. According to the Royal Institute of Chartered Surveyors, the main objectives of the Homebuyer's Report are to:
· Make a reasoned and informed judgement on whether or not to proceed with the purchase
· Assess whether or not the property is a reasonable purchase at the agreed price
· Be clear what decisions and actions should be taken before contracts are exchanged

Full Structural Survey

Finally, a full structural survey will provide you with an even more extensive report, which will analyse the structure of the property. It also affords a greater degree of legal protection than the other two types of survey.

For more information about the different types of survey see useful links