Getting a survey

So you've found the home you want and you've made an offer. Now you need to get it professionally checked out - for your own peace of mind - and a lender will need a valuation to convince them it's a worthy investment.

It's a simple fact that if the valuation doesn't measure up, your mortgage lender may think twice about lending you the mortgage.

Valuations vs Surveys

A valuation isn't a survey. It's a limited check on the property instructed by and carried out for your mortgage lender, to make sure it's worth the money they're lending you. They will probably ask you to pay for the valuation. Many lenders provide a copy of the mortgage valuation to you, but it is unlikely to cover items of detail, which would be picked up in a survey.

However, there may be problems in the property that could cost to put right - and they won't appear in the valuation report as they may not affect the lenders decision to lend. This is why it's really important you have a survey.

The valuation report

When the valuation is complete, a report will be sent to both you and your mortgage lender. If everything is okay your lender will continue processing your mortgage application. If the valuation highlights that the property isn't worth what you've offered, it's not necessarily bad news - speak to your estate agent and try to renegotiate a more realistic price.

Surveys

Surveys are a kind of health check for properties. If you're buying a property, you should have a survey done before you enter into a contract - or if you live in Scotland, before making an offer.

A survey can actually save you money. That's because if there are any serious problems, you may be able to renegotiate the sale price to reflect the cost of all necessary repairs. You may even decide you don't want to buy it at all.

The survey report

Your surveyor will report on all the parts of the property they can easily reach. They don't inspect under carpets or furniture, and they don't test the water supply or wiring - although they will comment on their condition.

There are two main types of survey, a Survey and Valuation and a Building Survey.

For more details on types of surveys and their differences visit Colleys, the valuation and surveying service from HBOS.

Add the cost of the survey you choose to your To Do List

If you are buying in Scotland, only after your survey do you make an offer.

Now you are ready to appoint a conveyancer.

Your home may be repossessed if you do not keep up repayments on your mortgage.