Property surveys

A mortgage valuation tells your lender the property is worth what it is lending. It does not tell you whether the roof leaks. A survey does, and it is the one step in a UK purchase that buyers are most tempted to skip.

The three levels of survey

Surveys are carried out by independent surveyors, usually members of RICS, and come in three levels:

• Condition report (level 1). A short, traffic-light summary of the property’s condition. It suits newer homes in good condition.
• HomeBuyer report (level 2). Covers visible problems such as damp, subsidence and roof defects, and can include a valuation. It suits most conventional homes in reasonable condition.
• Building survey (level 3). The most detailed option, formerly called a structural survey. It is the right choice for older homes, including the Victorian and Edwardian houses common in UK cities, and for anything unusual or that you plan to alter.

When to book it

Book the survey once your offer is accepted, while your solicitor is doing the searches, so the findings arrive before you exchange contracts. If you are buying from abroad or cannot visit often, the report is your closest substitute for walking round the property yourself.

What to do with the findings

A survey that finds problems is not a reason to panic. Damp, an ageing roof or signs of movement give you grounds to ask the seller for a lower price or for repairs before completion, or to walk away before you are committed. Skipping a survey to save a few hundred pounds can leave you with repairs costing thousands after exchange, when it is too late to renegotiate.

Once you own the property, set up your banking for the mortgage and running costs, and update your will. For the mortgage itself, see our mortgage guide. NRIWallah works with (affiliate link. Your home may be repossessed if you do not keep up repayments on your mortgage.), whose Habito Plus service combines the survey with the mortgage and legal work; this is a partner link.