05: Surveys

Your lender will require the property to be valued to ensure that the price being paid is reasonable and that the property is mortgageable (i.e. in good repair and likely to increase in value over the long term).

Relying on this valuation can be foolhardy, though, as it may not identify potentially costly problems you may need to resolve later.

You could opt for a full survey. This is the most expensive option (probably over £500), but could be invaluable for an older property or one that requires attention.

A cheaper alternative is a Home Buyer’s Report. This gives less detail, but should still identify any obvious areas of concern. If carried out by the lender’s surveyor, it may cost less.

Home Information Pack (HIP)

These have now been introduced. Prepared by the seller, a HIP can give valuable information and includes an energy performance certificate (so you can see how energy-efficient the property is) and local searches. In some cases, it may also include a survey.Last Updated