There are three main types of surveys that may be done by a
lender when valuing a property;
This is generally
the basic, standard valuation that may be carried out by a
lender, normally using a geographically designated panel of
approved surveyors. A general overall condition report of the
property is obtained but will not normally provide specific
reports with regards to the electrics, timber/damp condition
or other special areas of interest.
Home Buyers Report
More detailed than
the standard valuation and normally twice the cost. Specific
details provided as to the condition of individual issues such
as electrical condition and timber/damp, as well the overall
condition of the property.
Full Structural Survey
detailed survey available and the most expensive (usually
about three times the cost of the standard valuation). All
specifics are detailed, as well as exploration of the drainage
system, roof/loft condition and insulation in place.
There are also two other property specific surveys that need to be carried out;
Home Information Pack(HIP) & Energy Performance Certificate(EPC)
Home Information Pack(HIP)
The HIP is compulsory for all homes on the market in England & Wales. It is a set of documents that provides the buyer with key information on the property and must be provided by the seller or the sellers agent.
Energy Performance Certificate(EPC)
The EPC forms part of the overall compulsory documents for the HIP and gives home owners & buyers information on the energy efficiency of their property. It gives the building a standard energy & carbon emission efficiency grade from 'A' to 'G', where 'A' is the most efficient.
All Landlords must now provide an EPC for new tenants or tenancy renewals.