Choosing the right survey

Essentially, there are four kinds of survey you can opt for:

• A Full Building Survey
• RICS Homebuyers' Report
• A Basic Valuation Report (often just required by the mortgage lender)
• A Specific Defect Report

Each one serves a different purpose and costs will vary accordingly.

Full Building Survey

(Often called a Structural Survey). This will give you a comprehensive and detailed report on the current condition of the property. All the visible elements of the property are inspected and any necessary repairs are identified and given a cost estimate.

RICS Homebuyers' Report

This is a pre-printed form prepared by the Royal Institution of Chartered Surveyors. The level of detail of the inspection is slightly less in this report, but it is slightly cheaper. You might opt for this route if you're looking at a newer property.

Basic Valuation Report

Carried out for the lender, this survey will also help you to find out independently whether the price is reasonable and whether you're looking at a good investment. Although it is often referred to as a survey it doesn't go into nearly as much detail as a Homebuyers' or Full Survey.

Defect Report

This report will focus on a defect that you're concerned about - a common concern for would-be buyers is evidence of damp or unsafe electrics, for instance. The report should explain the cause of the defect and describe the steps required to put it right. This is often required if the survey you've had identifies a potential problem. Some lenders may even specify the type of survey you need but usually it is your decision which type of survey you choose.

As a minimum, a Homebuyers' Report will give you full details of any issues that require further investigation. It is better to know all the potential issues before you commit to buying a property, especially if you're buying an older property.

Who's qualified to do my survey?

Look for the letters MRICS (Member Of The Royal Institute of Chartered Surveyors) or FRICS (Fellow of The Royal Institute of Chartered Surveyors) after a person's name to be sure you are getting a properly qualified surveyor.

To find a surveyor go to the Royal Institute of Charted Surveyors website,  your mortgage provider should be able to recommend a surveyor and if they're lending you the money, you can be sure that they're not going to hide anything from you.

How much can I expect to pay?

The cost of your survey will depend on the size and value of the property, its location and condition. As a rough guide, an inspection of a three bedroom semi-detached house valued at £150,000 would cost around £350 + VAT.

The lender makes a valuation too

It's normal that your lender will want to arrange their own valuation on the property you intend to buy. So, if you instruct a valuer who is not on the lender's panel, you will have to pay for another valuation in the event that the lender subsequently instructs their own valuer (which is likely to be the case).