Surveys and Valuations
As mentioned earlier, once your offer has been accepted, a survey of the property will need to be organised. There are three different types of surveys. The valuation survey, the homebuyers survey and a building survey. The valuation survey must be carried out on behalf of the mortgage lender and is to establish the amount and terms of the loan. Most buyers opt for the Homebuyers Survey which goes into more depth and is recommended – it looks into urgent problems that could effect the value of the property. It is also slightly more costly but worth the extra money. A Building Survey is normally required when a property is of an unusual construction or has had extensive alterations, if it's old, in need of serious structural repair or if you're planning a major conversion or renovation.