In This Guide
Apply for a mortgage
Buying at auction
Buying in Scotland
Conveyancing
Find and view
Negotiate
Plan your purchase
Success and failure
Surveys and valuations
1. Surveys
2. Basic mortgage valuation
3. Basic valuation example
4. Homebuyer's report
5. Homebuyer's report example
6. The surveyor's inspection
7. Full structural survey
8. Choosing surveyors
9. Complaints
To buy or not to buy
Surveys and valuations
Homebuyer's report
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A homebuyer's report is the next most commonly used professional study of the building you are buying. Of those not relying on a basic valuation, the overwhelming majority of househunters use a homebuyer's report as a guide to the condition of the property. Here are some questions and answers about homebuyer reports that should help to clarify whether or not you feel they are a suitable choice of survey for you:
What is a homebuyer report?
The homebuyer report service involves a surveyor visiting your
home and inspecting it. They will only inspect those areas of
the property that are reasonably accessible or visible. They will
then write a report on the property, as well as performing a basic
valuation.
What types of property will need this
type of survey?
The recommended use of homebuyer's reports is for conventional
houses and flats that appear to be of a reasonable age and condition.
Who is it aimed at?
Unlike a standalone basic valuation, a homebuyer's report is written
for you. Much of what is written in the report will not be of
interest to the mortgage lender. Its purpose is to help you make
an informed decision on whether or not to proceed with the purchase
at the agreed price and also to assess any urgent or major problems
with the property.
How much will it cost?
A homebuyer's survey is more expensive than a basic
valuation, but less so than a full structural survey. Sometimes
a mortgage lender will refund the cost of a basic valuation on
completion of the mortgage transaction. Where this is the case,
you will only end up paying the difference between the cost of
the valuation and that of the homebuyer's report. As rough guide,
you can expect to pay £250 - £450 for your homebuyer
survey.
What format will the report take?
You will receive a concise report in a standardised
format of between ten and twenty pages in length. The normal order
of topics is Introduction and overall opinion, the property &
location, the building, the services & site, Legal & other matters,
Summary, Valuation.
What will the surveyor write about?
The report will focus on five main areas:
- The present general condition of the house
This will cover the interior and exterior of the building and the local vicinity of the property. Both the general state of repair and particular features of the property will be discussed.
- Major defects
Particular emphasis will be placed on any particular features that may affect either the present value, or the ability to resell the property at a later date. It will be up to the surveyor to judge what the urgent and significant matters are that could affect the market value of the property
- A recommendation for future maintenance requirements
The report will draw your attention to any work that will need to be done either immediately or in the relatively near future.
- Particular points that should be discussed with solicitor
These could be issues relating to the lease, terms of occupancy, rights of way, responsibilities and rights, parking spaces and so on. - Any other relevant matters that should be taken into account
The surveyor will not hold back from mentioning anything that they feel is helpful and constructive, as well as pointing out any things that may require further investigation.
Who will carry out the survey?
A homebuyer's report can usually be arranged by your
lender in conjunction with the valuation. If you wish to instruct
a surveyor separately, this is also an option open to you. You
can find a whole host of surveyors on the web using the SiteFinder
directory.
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