Building Survey
Formerly known as a Structural Survey a Building Survey, is totally independent to the lenders, and is a bespoke service suitable for all residential and commercial properties, which provides a full, detailed picture of a buildings construction and condition.
This type of survey is likely to be needed if a property is for example, of unusual construction and condition, or where conversion or renovation works are planned. The report includes technical information on material and construction as well as details of a whole range of defects, major and minor.
Residential Surveys involve the comprehensive professional assessment of a property and its condition. Included within the category of 'residential property' there are a wide and diverse number of building types, so it is essential that the extent of survey is agreed between the client and the surveyor. The survey will normally incorporate the building's structure, fabric, finishes, outbuildings, grounds, and includes the surveyor's unbiased, balanced professional opinion in the detail and style required by the client, with reference to visible defects and guidance (as appropriate) on maintenance and remedial measures.
A Building Survey should not be confused with a Valuation Survey or a Home Buyers Survey. As this type of survey is usually in the Surveyor’s own format, and is usually much longer and more technical than the homebuyer survey.
A Valuation Survey: is prepared for the lender – not for you the borrower. It answers only the lenders questions about the security of the loan. You cannot rely on it to answer the questions which concern your personal interests.
A Homebuyers Survey – This is an economical survey as well as a valuation. The RICS own the copy right and is of a standard format and focuses on properties that are of conventional type in reasonable good condition and highlights defects that could affect the value of the property. This type of survey is also offered by the lender. This survey is more expensive than a Valuation Survey but cheaper than a Building Survey.
Click here for an indication of building survey fees.
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