Costs associated with buying UK property

With these notes, you can be sure you know exactly what is expected of you during the process of purchasing your property.

Standard Valuation:
This report is usually requested by the lender to ensure that the property is suitable for mortgage purposes. However, it also provides the purchaser with an indication as to the open market value of the property.

The Surveyor will visually carry out an internal and external survey of the property, recording the dimensions and any apparent defects.

House/Flat Buyers Report:
The inspection involves the completion of a standard report. It is suitable for properties up to approximately 90 years old, which have not had substantial alterations or additions since being built.

It comments in greater detail on the condition of the property and any urgent or significant matters or defects. An open market valuation together with a reinstatement value for insurance purposes is included.

Building Survey:
This report is suitable for properties older than 90 years or those which have had major alterations or additions since construction. The survey is an in depth inspection describing the materials and constructional principles adopted for the various elements of the building.

The report outlines the current condition, nature and projected effect of any defects as well as recommendations regarding the appropriate action to be taken which may include the commissioning of more specialist investigations.

Re-inspections - for new properties under construction:
Following the initial valuation during construction, a final inspection will be required.

This will confirm that the property has been completed in accordance with the lender's requirements. A standard fee will be charged for this service.