The Building Survey (also known as the Full Structural Survey) is selected by buyers of older or less conventional property, or property that has been extensively modified. It includes any estimated repair costs as well as an inspection into drainage, damp, construction materials and timber. It is an exhaustive survey into all risks and major and minor defects to the property which may affect its value.
The survey protects against any unexpected repair costs, helps you negotiate a better price in the event of defects, and provides peace of mind about the condition of the property
Some home buyers rely solely on the lender’s Mortgage Valuation! However, savvy buyers follow the Council of Mortgage Lenders (CML) formal recommendation to get a Survey. Buyers of conventional property built in recent years usually choose a HomeBuyer Report. The differences between the the surveys are detailed below:
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| For a home purchaser looking for a survey of the property |  | | |
| For a Mortage Lender requiring only a valuation |  |
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| Identifies possible problems |  | | |
| Can help you negotiate a better property price | | | |
| Tells you the condition of your property | | | |
| Helps avoid unexpected costly repairs after you move in | | | |
| Easy to understand layout so that you can quickly find the details you need | | ||
| Independent valuation to help prevent overpaying for the property | |
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| Report from a RICS Qualified Surveyor | | | |
| Report on construction and condition of property following visual inspection | | ||
| Report on construction and condition of property following visual inspection | | | |
| Clear traffic light rating | | ||
| Highlights hazards/defects needing urgent attention | | | |
| Information for your Conveyancing Solicitor | | | |
| Professional advice on reparis and maintenance | | | |
| Building reinstatement costs for insurance purposes | | ||
| Suitable for properties 1850 to date and standard construction | | | |
| Suitable for an older or extensively modified building or one in need of modernisation | |
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