How to Buy a House
Surveys and Surveyors
Unless you are putting a large deposit down on the property, your mortgage company or lender will probably carry out a survey for its own purposes. This is called a valuation and simply verifies that the property is adequate security for the lender's loan.
For your own peace of mind, and perhaps as a bargaining tool, it's therefore a good idea to commission your own survey. This can be either a Home Buyer's Report or the more expensive full structural survey – although this usually only applies to older or unusual properties.
Having your own survey carried out will ensure you are aware of any problems such as damp, dry rot or subsidence. It will also highlight remedial work that needs doing, which can be factored into the price. A survey could even save you from buying an unsuitable property.
Surveyors are easy to locate through your phone directory or through their industry body, RICS.
The Home Information Pack introduced in June 2007 may include a Home Condition Report outlining any problem areas. It may also let you know the approximate utility bills and council tax.
Find out more about the house-buying process in our guide to how to buy a house:
How Much Can I Borrow? Find a Property Mortgages Conveyancing Solicitors and Legal costs Stamp Duty Property Insurance Home Information Packs How to Budget Solicitors Removal Companies Utilities Companies Buying a House at Auction Buying a Repossessed Property
Useful Links:
www.rics.org.uk – industry body
www.HomeInformationPacks.gov.uk
Most useful and most popular pages on this site:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership