Q. It is often said you shouldn't buy a house without having a survey carried out on it. Is this the case?

Generally speaking yes! Buying a property will probably be the biggest purchase you will make in your life. Cutting out the cost of a survey is a false economy when buying a house. You need to have peace of mind that the bricks and mortar into which you are about to pour your hard earned money will keep you warm and dry without needing any costly repairs. At least if a survey does reveal defects before you buy, you can do something about it. If defects are discovered after you buy it is too late and all repair costs will have to be met by yourself or your insurers.

Q. What are the main types of survey available and what do they involve?

Basically there are 3 "levels" of survey and these are as follows:

(1) THE BASIC MORTGAGE VALUATION REPORT

When you apply for a mortgage, the lender will require you to have a basic Mortgage Valuation carried out on the property. This is to assess whether the property represents a suitable security against the amount of the mortgage requested. This valuation is not an extensive survey and will not provide in-depth details on the condition of the property and will not necessarily detect major structural problems. These surveys are, or should be carried out by a chartered Valuation surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS)

(2) THE HOMEBUYERS SURVEY AND VALUATION REPORT

This is a more detailed report which basically provides a "snapshot" of what the overall condition of the property is and identifies any areas which are in need of further tests or more specific investigation. According to the RICS Guidelines, the main objectives of the report are as follows:

(a) To make a reasoned and informed judgement on whether or not to proceed with the purchase.

(b) Assess whether or not the property is a reasonable purchase at the agreed price.

(c) Make clear what decisions and actions should be taken prior to exchange of contents.

These types of surveys are also carried out by Chartered Valuation surveyors but are more expensive than the basic Mortgage Valuation.

(3) FULL STRUCTURAL/BUILDING SURVEY

This is the most detailed of the 3 and provides a comprehensive report about the current condition of the property with detailed advice on defects and remedies for repair. This type of survey is recommended when a property is of unusual construction or has had extensive alterations, if its old, in need of structural repair or if you're planning a major conversion or renovation. This report does not provide a valuations, however this can be arranged as an agreed extra. This type of survey should be carried out by a fully qualified chartered Building Surveyor.

If you have any questions or would like some advice on property matters please send by email to Niall Smyth or Michael Leslie at niall@smythleslie.com.