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A lender’s valuation survey is not particularly comprehensive and will often not involve anyone visiting the property in person, so you should not rely on it for anything other than valuation.
When you apply for a mortgage, the lender will usually carry out a valuation survey to ensure it is worth the agreed price.
A Structural Survey is a survey produced by a qualified structural/civil engineer (with the relevant professional indemnity cover) which assesses and diagnoses structural defects in a property and recommends structural repair works. There are 2 types of Structural Survey, Basic and Full which offer differing levels of detail. Whilst a Basic Structural Survey is sufficient for most residential properties, a Full Structural Survey provides the most comprehensive analysis of a property’s structure and condition and is a good choice if you are buying a property over 50 years old, of unusual design, or in poor condition.
In an RICS Home Survey, an RICS professional conducts a visual inspection of the property. Their report provides an account of the property’s condition and highlights any problems using a ‘traffic light’ rating. There are 3 levels of survey. A Home Survey level 1 is the most basic (and cheapest) type of survey aimed at modern properties in good condition. A Home Survey level 2 is the most common and suitable for conventional properties which are in reasonable condition. Level 3 is the most comprehensive survey suitable for large, older or run-down properties, which may be unusual or altered.