House surveys are essential to know what condition the house you’re buying is in. There are three types of surveys, each with their own specifications.
Homebuyers Survey and Valuation (HSV)
The aim of this survey is to provide a snapshot of what the overall condition of the property is and to identify which areas are in need of further tests or more specific investigation. They do not detail every aspect of the property. Wiring, drainage and gas are not included. You may choose to have further reports done on these areas.This survey is most suitable for houses that are in reasonable condition and have been built within the last 150 years and are less than 2000 square feet.
An HSV on a property will:
- Look at the general condition and assess faults.
- Assess whether any of the major faults will need repairing and what the cost implications could be.
- Assess and report damp and woodworm.
- Assess the condition of damp proofing, insulation and drainage (drainage will not be tested).
- Provide an estimate for rebuilding for building insurance purposes.
- Recommend any other surveys and investigations that may need to be carried out.
- Provide a valuation.
Basic Mortgage Valuation (BMV)
When you take out a mortgage the lender will require you to have a Basic Mortgage Valuation carried out. They want to be sure that the property is worth the value that you are proposing to buy it for. It also assesses whether the property is an adequate security against the mortgage you are applying for. This valuation is not an extensive survey and will not provide accurate details of the condition. Major faults are often not picked up in these surveys.
Full Structural Survey (FSS)
An FSS on a property will:
- Identify all major and minor faults found and the implications that these will have.
- Assess the cost of repairs to faults found.
- Test for dampness in the walls.
- Test woodwork for damp and woodworm.
- Investigate the condition of damp proofing, insulation and drainage (drains will not actually be tested).
- Provide technical information on the construction and materials used.
- Give information about the location.
- Recommend any further special inspections and resulting work which may need to be carried out.
Interested in getting a house survey in Sittingbourne? We can recommend chartered house surveyors in your local area. Get in touch today to find out more.