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Buying a home? What survey do you need?

Jul 26, 2016


A house purchase will probably be the most expensive purchase you ever make. You may choose to have a survey carried out on the property so you know its condition, but which one do you need - a Mortgage Valuation, Condition Report, Homebuyer’s Report or a Building Survey?

If you are looking to secure a mortgage on a property then the mortgage lender will require a mortgage valuation to be carried out. This valuation will confirm whether the property is worth the amount you want to pay for it and the amount that therefore can be lent as a mortgage. It is important to remember a mortgage valuation, sometimes referred to as a valuation ‘survey’, is for the benefit of the lender. 

Many buyers therefore decide to have an additional, more comprehensive report carried out for their own use – to find out the condition of the building they want to buy and to provide vital information which can inform their purchasing decision.  

Most surveyors will provide a choice of three surveys and there are no set rules about which one you need to opt for – they are: a Condition Report, a Homebuyers Report or a Building Survey. 

Here, we have provided information from the Royal Institute of Chartered Surveyors (RICS), describing the difference between these survey choices. 

Condition Report:
This report focuses solely on the condition of the property you are looking to buy. It will provide ratings to the different parts of the building and flag up any areas that may need attention. 

Homebuyers Report
This report provides more detailed information and an independent valuation of the property. It also includes a more in-depth inspection of the property and provides guidance on any defects that may affect the property value.

Building Survey
This survey offers an extensive inspection of property condition. It provides detailed information about the structure and fabric of the property. It also includes information on any visible defects and potential problems caused by hidden flaws and it provides an overview of any repair options. 

All three of these surveys detailed above are additional to the mortgage valuation needed to secure a mortgage and you will need to instruct relevant parties if you wish to have anything other than a mortgage valuation carried out on the property. 

If you are looking to mortgage or remortgage this year contact one of our friendly team today on 0800 378 669. 

When applying for a mortgage with Teachers Building Society, we are able to arrange a Homebuyers Report to be carried out alongside the mortgage valuation for an additional fee.  


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