Getting a survey

A survey will help you to evaluate necessary work that needs undertaking, and make sure the property is structurally sound. There are three types of survey:

1. Basic Valuation. Before being offered a mortgage the bank or building society will need to carry this out, and it will need to be paid for by the buyer. It will look at the structure of the property, and value the property.
2. Homebuyer’s Survey. This can be done at the same time as the valuation. This type of survey is very much for the buyer to get an overview of the general décor of the property, and will look for any problems such as damp or evidence of subsidence. However, surveyors will only report on what they can see and will not look under the flooring – and will report on suspected problems rather than delve deeper to get proof.
3. Full Structural Survey. This is comprehensive and is carried out by a fully qualified chartered surveyor. This is usually instructed for those buying an old or unusual property. If you are buying an old property for refurbishment this is the best option as spending money on this Survey (which can be expensive) could save you money in the long run. You will receive a fully comprehensive report following completion of the survey.
   

Inside Track is a property investment education company; it is part of the Inside Track group of associated companies which offers services in sourcing pre-vetted investment property, a full range of landlord and lettings services, and independent financial advice including buy-to-let mortgages and remortgages.