Image Finance Ltd offers a full Advice & Recommendation Service. Our fully qualified Mortgage Consultants are appointed representatives of Home of Choice Ltd, which is authorised and regulated by the Financial Services Authority
This calculator provides a guide to monthly payments and does not guarantee eligibility for a mortgage. Please contact us for a personalised Key Facts Illustration.
© 2007 Image Finance.
Designed by PCs Design
What you can expect from a survey
Property / Mortgage Valuation
RICS Homebuyer Survey and Valuation (HSV)
Building Survey
Surveys are a kind of 'health check' for buildings. If you’re buying a property, you should have a survey done before you enter into a contract – or before making an offer, if you live in Scotland.
A survey can actually save you money. If there are serious structural problems, you can often re-negotiate the sale price of the property to reflect the cost of necessary repairs – or you may even decide you don’t want to buy it at all.
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 – though they’ll comment on their condition.
There are three main types of survey:
If you're about to buy a property, you may have specific worries about the building you’re going to buy.
If you’re interested in making structural changes to a property, or you think there may be a damp or dry rot problem, additional reports and inspections may be required.
Costs vary according to which type of survey you have, but both Homebuyers Survey and Valuation Reports (HSV) and Building Surveys can offer reassurance and real peace of mind.
Property / Mortgage valuations
A valuation isn't a survey. It’s a limited check on the property that your mortgage lender carries out to ensure it’s worth the money they’re lending you.
They’ll probably ask you to pay for the valuation.
Many lenders may provide a copy of the mortgage valuation to the buyer but it is unlikely to cover items of detail which would be picked up in a survey. However, there may be structural problems in the property that would cost a huge amount to put right – and they won’t appear in the valuation report. This is why it’s really important you have a survey.
A mortgage valuation includes:
Homebuyer Survey and Valuation Report
A Homebuyer Survey and Valuation (HSV), also known as a Homebuyer’s Report, is a survey done to a standard format set out by RICS – Royal Institute of Chartered Surveyors. It is most suitable for conventional properties built within the last 150 years, which are in reasonable condition. It doesn't detail every aspect of the property, and only focuses on urgent matters needing attention. It’s not usually suitable for properties in need of renovation, or if you’re planning major alterations.
A Homebuyer Survey and Valuation (HSV) includes details of:
A Building Survey is a comprehensive inspection of a property. It’s suitable for all properties, especially:
It examines all accessible parts of the property – and you can ask to have specific areas included, so it covers any particular concerns you have about the building.
A Building Survey includes details of:
Using the services of Image Finance Ltd offers real peace of mind because:
Further information
Image Finance Ltd has a range of free property guides including:
For a full list please go to Image Finance Ltd FAQ’s