Surveys and Reports

What is this?

Before you buy, lenders will want to know the market value of a property so they can be assured that is safe to lend. Valuation reports tell you little about the condition of the property so you would do well to consider an actual survey. There is a range of surveys available and the appropriate one for your needs will be determined by the age and apparent condition of the property, its location and history. Buying a property is a major financial outlay; you need to be sure that you know enough about the property to make an informed decision.

Who is it for?

Most surveys are carried out on behalf of prospective purchasers. These surveys include, in escalating order of cost, Home Buyers Survey, Building Surveys and Specialist Surveys. The latter are normally only commissioned if the Home Buyers or Building Survey Report recommends it. However, the Government’s Home Information Pack regulations, require sellers to provide Energy Performance Certificates (EPC) within their Packs. Sellers may also elect to include Home Condition Reports (HCR) that are similar to Home Buyers reports but without the advice. Landlords are required to include copies of the EPC within Tenancy Agreements from October 2008. Owners of certain commercial premises will also be required to display a version of the EPC within their buildings from October 2008. These are known as Display Certificates.

Who is it not for?

Most of these products are designed for either purchasers or sellers of properties, with the exception of the EPC’s for landlords and Display Energy Certificates for Commercial Property owners. Tenants will benefit from receiving copies of the relevant certificates but cannot commission them. Re-mortgagors would not normally benefit from any product other than the lender’s valuation report.