Commissioning a Home Survey gives you an independent, unbiased opinion on the property’s current value and will highlight any urgent or significant defects which are likely to incur expense in the short to medium term.
This report is generally recommended for those who are buying a relatively modern house (post WWII) which is less likely to have significant disrepair, or an apartment which is managed by a property management company.
A Home Survey does not go into detail about the exterior or structure of the building, and therefore is unsuitable for older properties or apartments within an older building such as a converted Victorian house; your annual fee to the property management company means that you are still liable for any repairs to the exterior, structure or common areas so this information is vital if you are considering a purchase.
While your lender may send their own valuer to determine their opinion of the property's current market value, it is advisable not to rely on this solely, nor will your lender's report be likely to highlight any aspects of disrepair in detail or at all.
We use the report format recommended by ISVA (Independent Surveyors and Valuers Association) which we believe offers the most reader friendly experience - it corresponds roughly to the RICS Level 2 report. Please note that as standard this report gives only a visual appraisal of the electrics and provisions for space heating at a property; we always recommend an inspection by a qualified NICEIC electrical engineer and/or GasSafe engineer prior to purchase.
