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How Much Does A Survey Cost?

Find a Local Surveyor & Building Surveying Services

Building Surveys | How Much Does a Survey Cost | Building Surveys - Find a local surveyor and get prices for a homebuyers report, structural survey and building surveys nationwide.
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So How Much Does a Survey Cost?

Mortgage surveys are a necessary part of the home buying process, and a number of different forms of survey exist. Your mortgage lender will expect you to conduct a basic mortgage survey in order to provide you with a mortgage loan. The different types of mortgage survey are detailed below.

Mortgage Valuation Survey

Mortgage valuation is compulsory for mortgage lenders, because it confirms to them how much the property (on which they are lending money) is worth. When a borrower arranges a mortgage, the mortgage lender commissions a survey to be conducted on their behalf. This is a basic check on the value and condition of the house, to make sure it is worth the money being lent. Most mortgage lenders charge a valuation fee for this service, usually between £100 and £200. The cost goes up or down depending on the size and value of the house. Some mortgage lenders waive this fee to attract borrowers to secure loans with them.

A valuation of this type does not go into detail about the structural condition of the property, or its state. Structural problems may go completely unnoticed, and a mortgage valuation alone, although relied on by many borrowers, is often insufficient to establish the state of a property. More extensive surveys can be required.

Home-buyer’s survey

Although many borrowers rely on a mortgage valuation survey, many property experts advice buyers to take out something called a home-buyer’s survey.

This type of survey is conducted to a standard form created by RICS (Royal Institute of Chartered Surveyors.) A home-buyer’s survey does not cover wiring, drainage or gas fittings, and is generally most suitable for those properties that are under 150 years old and are already in a reasonable condition. For instance, if your property requires complete renovation or major alterations, a home-buyer’s survey may be unsuitable.

The surveyor hired by your mortgage lender will often be amenable to carrying out a homebuyer’s survey at the same time that they carry out a mortgage survey, saving you money.

Comprehensive building survey

Building surveys are a thorough, comprehensive type of survey. They include a full structural inspection, and are suitable for all types of property. This includes older properties and properties that require complete renovation or have already been subjected to complete renovation. Usually, building surveys are carried out separately to mortgage surveys, and are a more expensive option.

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Building Surveys | How Much Does a Survey Cost | Building Surveys - Find a local surveyor and get prices for a homebuyers report, structural survey and building surveys nationwide.