Homebuyers Report

If you are buying a property built over 10 years ago, it's a good idea to commission your own Homebuyers Report and Valuation Survey in addition to the lender's valuation. This is a concise report on the condition of a property, together with a valuation. Any major defects in the property will be listed, along with recommendations about further investigations required.

Who Needs This Type of Survey?

This type of survey is recommended for conventional houses and apartments that appear to be in a reasonable condition, but is considered inadequate for large houses (over 2,000ft sq or 200m sq), old properties (pre-1940), or converted or purpose-built apartments.

How Much Does it Cost?

The cost of a homebuyer report varies depending on the value, age and condition of a property - approximately £300 for a house worth £100,000 or less, £480 for houses worth about £350,000 and up to £1,000 for those houses priced near the million mark.

Most mortgage lenders encourage you to use the same surveyor who carries out their valuation report. The majority of these surveyors will offer you a discount if you book a more detailed survey that can be carried out at the same time as the valuation report. If you decide use a different surveyor, you will have to pay the full price of the survey, however, you will have the benefit of a second opinion on the property.

What Does the Survey Look At?

The report is presented in a standard format of about 10 pages in length. The surveyor groups observations under four headings:

• Defects that are a threat to the fabric or structure of the building, such as subsidence, rotten roof timbers or other major problems.
• Health and safety aspects, such as wiring requiring replacing or asbestos lagging around a water tank in a loft.
• Defects that could have a significant effect on the purchase price - rotten window frames for example.
• Legal matters, for instance whether access is over another person's land, requiring the right of way.

The property will only be inspected where it's reasonably accessible or visible and electricity, gas, plumbing and central heating systems will be given a visual examination - but not tested.