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Which Property Survey to Choose? Mortgage Advice in Harrogate

Different Types of Property Surveys in Harrogate | MoneymanTV

What is a Property Survey?

When an offer is accepted on a property, usually the next step of to get a property survey sorted. Having this carried out will determine whether or not the property price is accurate or it needs adjusting due to the condition it is in. In the case where there is something found on the survey, the buyer does have the right by law to approach the seller to negotiate a price for the works required.

This is carried out by a property surveyor who will make you aware of any minor damages that need to be sorted

Property Survey Types

As a First Time Buyer in Harrogate, you may have been unaware of the different property survey types. Below are the three main types of property surveys available to you.

  1. Mortgage Valuation
  2. Homebuyer’s Report
  3. Full Structural Survey

Mortgage Valuation

The cheapest option available is a basic valuation. This is a regular survey that you need to have carried out before the mortgage offer is received and is different to a full survey. By doing this, it confirms to the lender that the property is worth at least what they are lending to the buyer. You may find that your mortgage lender will offer a free basic valuation as part of your deal.

One thing with mortgage valuation is that it will not make you aware of any repairs that are needed. On the flip side, it may mention obvious that is recommended to be investigated further.

Homebuyer’s Report

If you are wanting your property to be checked over for structural safety and let you know of any problems like dampness along with anything that doesn’t meet the current building regulations, a homebuyer’s report is perfect for this. This will provide you with an independent report of the property written by an expert.

You need to make sure that the two surveys aren’t being paid for by asking the mortgage companies surveyor who will carry out this report. Usually, this can take up to a day to complete if it’s a large property.

Full Structural Survey

A Full Structural Survey is suitable for older properties and those made from non-standard construction. The duration of a full structural survey depends on the property size and type, but it can take as long as a day to complete.

Even though a Full Structural Survey is the most expensive property survey, it will provide you with a detailed report. This report will highlight the overall condition of the property as well as highlight any major repairs that need to be carried out.

If you are looking for a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.

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

When it comes to new build property, surveys would work slightly differently. You may think that you won’t need a property survey carried out because it’s a new property. It can be best to do this just in case.

A Snagging Survey is designed for new builds. You will be provided with a report that gives insight on the property’s overall condition, highlighting both minor and major issues. The survey will mention something as simple as a missing door hinge to a crack in the ceiling (which is unlikely to find in a new build).

For those moving into a new build that’s already been built, it would be best to get a snagging survey carried out on the property prior you move in. Having this will support you further when it comes to negotiating the price if there are any issues with the property.

How can our Mortgage Advisors in Harrogate help you?

A Mortgage Advisor in Harrogate can help you find the most appropriate property survey for you. Book your free mortgage appointment online or give us a call to connect to an expert advisor.

Here at Harrogatemoneyman, we have helped lots of First Time Buyers and Home Mover in Harrogate find the most appropriate property survey for their new home.

Date Last Edited: December 28, 2023

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