Surveys and searches are necessary when buying a property but sometimes people get confused with the difference between the two. Surveys are carried out by a mortgage provider or any independent property surveyor, on the other hand, searches are brought out by your solicitor or conveyancer.
Searches are information gathered by your solicitor that makes up to various organization of the property. There are different types of searches depending on the kind of property and some of the common categories are the Drainage & Water, Environmental and Local Authority. The Local Authority is a local council looking at the area around the property, for instance if there are any future plans in constructing a motorway at the center of a garden.Drainage & Water is a local water authority that works with the flow of water within the vicinity of the property, including drains and proper positioning of pipes and also identifies if the property is on meter or rates. Environmental searches are responsible for checking the area if it is prone to a landfill or flooded area.
On the other hand, if you are on a mortgage then your chosen mortgage company is required to check if the area is worth the cost you are paying, and this can be done by doing a property valuation. A mortgage valuation can cost you more if you choose to have a further valuation of the place to provide a more detailed survey on the property. The price normally increases depending on the details you want to have. Here are some types of valuation that are commonly used today.
A basic valuation tells you generally about the value of the property, other physical aspects of the property are also considered, for instance if the property has defects that might affect the value as a whole.
Another one is a condition report, this survey is recommended if you are building a new house, this unique property survey determines the ratings and conditions of the area by using a traffic light system, however this doesn’t offer any valuation or advice to the buyer.
A home buyers report is another survey similar to a condition report, although this survey offers an insurance reinstatement value on how much costs to rebuild the property in any case of fire or burnt down.
Building Survey is another type with a detailed report checking all areas of the property including the attics and cellars, and will state suggested areas to be repaired and the cost to spend when repairing it. This survey is ideal for properties that are rustic and old with thatched roof.