Mortgage guide

Search: More on property surveys

- Check the best mortgage deals
- Pryor on property: news and views

The new home you are desperate to buy may look wonderful, but what horrors are lurking under the paint and wallpaper? So, once you have had your offer on a property accepted, a surveyor will need to see it to assess its condition and value. Your mortgage company needs to ensure that should you default on your mortgage it can at least get its money back by selling your house, therefore your lender will require at least a surveyor's valuation before it will lend you the money to go ahead with the purchase.

In fact, in most cases, it is essential that you also get a more detailed report on the condition of the property before you go ahead with the purchase. You need to be alerted to any potential problems that could either affect the value of your property or require work to repair that you will need to pay for or fix.

You should make sure that the surveyor you choose is a member of either the Royal Institution of Chartered Surveyors, or the Incorporated Society of Valuers and Auctioneers.

There are three kinds of surveyor's report:

The Mortgage Valuation As explained above this compulsory and simply tells the lender it will get its money back. It will not report any faults.

The Homebuyer Survey and Valuation generally suitable for most modern homes which are conventional in type and construction. It focuses on essentials and points to any defects or problems which are significant or in need of expert attention. The surveyor will also give a professional opinion on particular features of a property which affect the value. But remember it only outlines the condition of parts of the property that are easily accessible or visible, and makes recommendations for further investigation if the surveyor thinks it is necessary. Average cost for a 2/3 bedroom house would be around £250 -£350.

Structural or Building Survey suitable for all types of property, especially recommended for period properties or properties of unusual construction. It is more comprehensive than the Homebuyer Survey and will include extensive technical information on the construction of the property as well as any defects, major or minor. It is usually tailored to a clients individual requirements. If you choose a structural survey, it will help the surveyor if you have done your homework and can point him towards any potential problems. For example, when you view the house yourself look out for any signs of problems such as cracks, damp patches, uneven brickwork or sagging roof, and make sure you let the surveyor know so he can inspect them closely. Average cost from £600 upward dependent on size.

Ensure you always use a Chartered Surveyor with the initials FRICS, ARICS or Tech RICS after their name. The initials show they are members of the Royal Institution of Chartered Surveyors (RICS) and as such have to meet stringent professional requirements.

As RICS members they will also be covered by Professional Indemnity Insurance in the unlikely event of any problem with a survey. The RICS also requires its members to operate a formal complaints handling procedure if customers are not happy with the way the survey has been undertaken.