Three Types of Survey and their differences

Level 3 Building Survey (Sometimes called a Structural Survey)

Full building surveys generally last 2 – 4 hours (plus the site meeting time). Buildings of all ages, sizes or styles can be surveyed and period buildings are a special interest of Newtons. “Snagging Inspections” of new properties are equally thorough.

Our inspections are very detailed and take in both the interior and exterior with comments on the service installations such as electrical wiring, gas and plumbing plus central heating and the drains. We will look at every element of the building that can be seen with safety and without undue difficulty including roof voids, flat roofs accessible from a 3m (10ft) ladder, cellars, outbuildings, site boundaries and trees in as much depth as is possible without damaging the fabric or contents of the building.

The report will include guidance on remedial works and maintenance and a detailed comment on individual defects, as well as comments on possible improvements, if appropriate. There will also be an informal opinion on value and its possible reduction due to defects as well as a fire insurance valuation.

What does it cost?
The fee plus VAT, but no other extras, will vary according to the type, size, value and location of the property. Newtons minimise the cost to you by reporting on the RICS Homebuyer Report and Valuation forms, suitably expanded to cope with the detailed findings.

This 10 – 12 page report will give you an intelligible, comprehensive but concise report taking less time and expense than the typical 40+ page report produced by others, often padded out with white space and waffle in our experience. It contains considerably more detail than would be provided in a standard computer generated Homebuyers Report.

NB: our charges for a building survey are often found to be the same as the standard charge by others for the more limited Homebuyers Survey and Valuation and their price does not include a site meeting.

Level 2 Homebuyers Survey and Valuation

Based on a form drawn up by the Royal Institution of Chartered Surveyors, but with limited provision to expand on possible remedies or issues that arise, it gives the prospective purchaser information on:

The general condition of the property.
Any significant factors likely to affect materially the value of the property.
The value of the property in the open market.
The value for insurance purposes.

Level 1 Mortgage Valuation

The Consumer’s Association Which? Magazine and the Council or Mortgage Lenders both give this advice:

“The Mortgage Valuation report is prepared for the lender – not for you, the borrower. It answers only the lender's questions concerning the appropriate security for the loan. You cannot rely on it to answer the questions which concern your personal interests”.

The brief and superficial inspection of the property for mortgage valuation, often only lasts a matter of minutes sometimes on a drive-by basis or even from a web generated satellite view. That valuation, although carried out by someone chosen by the Lender, will be paid for by you one way or the other and yet the report is solely intended to satisfy the requirements of the Lender – NOT YOUR REQUIREMENTS.

Brief details of the limited inspection will be recorded on the pro forma sheet on which the space allocated for comment is in itself very limited. Even if you receive a copy it is usually not sufficiently detailed to provide you with enough information to help your buying decision or to inform you what to think about any defects – GET A REPORT FROM NEWTONS.