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Gordon Crockett FRICS

Q.   Why do I need my own Survey?

A.   The purchase of a home is one of the largest, and most important investments, that many of us make. The best way to reach an informed decision on such an important transaction is to obtain a professional survey and valuation. Before you commit yourself legally, you can minimise the risks by asking a qualified surveyor:

• Is the agreed price reasonable?
• Are there drawbacks I don't know about?
• If so, what do I need to do about them?

Commissioning your own survey is the simple and economical way to avoid unpleasant -- and often costly -- surprises. In some cases, the surveyor's report may enable you to renegotiate the price.

Q.   But I already have a Mortgage Valuation Report...?

A.   Even if you are seeking a mortgage, and may be paying for a Mortgage Valuation report, it is still prudent to arrange a survey by your own surveyor. The Consumers' Association Which? magazine and the Council of Mortgage Lenders both give this advice.

The reason is simple: the Mortgage Valuation report is prepared for the lender and not for you, the borrower. It only answers the lender's questions concerning the appropriate security for your loan. You cannot rely upon it to answer the questions which concern your personal interests.

Q.   What choice of surveys do I have?

A.    There are three types of surveys:

1. A professional valuation
2. The RICS Home Buyer Survey & Valuation
3. The Building Survey (formerly called a Structual Survey)

Click above for information on the three types of reports.