You are determined to buy a home desperately from quite some time. So many properties you saw personally or online. So many people you have discussed the matter. Finally, the great day has arrived when you found a property matching to your expectations up to the largest extent. You like the structure and architecture, and you are just crazy about the surroundings. You are overwhelmed with the features, and the price is just within your reach.  What else do you need?

The formalities get over, and you proceed further to the sales formalities. The first surprise comes to you in the form of appointing a valuation surveyor by the mortgage lender. Before you buy the property, it is suggested that you should appoint another surveyor. Quite obviously, you find the suggestion ridiculous as the lender has already done it. Since the lender is ready to lend the money, why is the need of another survey?

Well, you should correct the understanding. It is not sufficient to rely on the survey done by the mortgage lender. That survey is done purely from the perspective of valuation purpose.  Their interest is to know the possibility of getting the money back in case you default the loan amount. If they find that the property is fit for repayment of the mortgage in case you don’t pay, then they go ahead with the loan. This survey is not from the perspective of giving you the details of the property, i.e. physical and structural stability, robustness, etc.

What property survey do you need then?

When you buy a property in the UK, never forget to appoint the surveyor. Whether your money lender appoints it or not, you must do it. By that, you ensure that the decision you have made is an informed one. The surveyor will visit the property and provide a report about its condition. He will also help in the correct valuation of the property. You can have three types of surveys:

• The first one is from the mortgage point of view where the value of the property is assessed. The objective is to protect the interests of the money lender. The survey report is short and crisp. It isn’t quite detailed one.
• The second survey is called Homebuyers Survey. It is quit detailed and comprehensive. Experts say that one must go for it whether the property is being mortgaged or not. Along with the structural details and condition of the property, it also gives the approximate value of the property.
• The third type of survey is structural engineers report. This is a detailed survey about the structural safety. You get the complete information about the property. When you are buying a property by paying a hefty amount, it is critically important to know about the safety of the building.  Just like other reports, this survey also talks about the condition and value of the structure.

Property survey is an instrumental tool in making the decision about the property you are interested in.