Property Survey Guide | Different Types & Top Tips from Phil Spencer

Never underestimate the importance of a property survey when buying a home.
For some of us, this process can be unnerving. But, we're here to help! In this episode, Phil Spencer shares his top tips and informs you of everything you need to know. There's nothing to fear - but this step is an important one.
Every house survey is different, so you need to decide which one suits you best.
Type 1 - Valuation Survey
A valuation survey involves a surveyor looking around the property on behalf of your mortgage lender. This is to check if anything would threaten the security of the loan.
It’s a mortgage requirement to have a survey of this kind - but you’re the one who will pay for it. Remember, the lender’s concern is their loan, not how much of a deposit you’ve put down. Essentially, all they want to know is if the building is worth the money they’re lending you! Note: this survey won’t inform you of the structural stability of the property.
Type 2 - HomeBuyer Survey
Also known as the HomeBuyer Report, this involves a thorough look around the property and also a valuation. It will focus on urgent matters that need attention, such as damp. It will also recommend further specialist reports if needed. For this reason, it’s a hugely popular option with those buying a home.
Type 3 - Full Structural Survey
Also known as a building survey, this is a highly comprehensive examination of a property. You can tailor it to your needs and any specific requirements you might have. These are extremely detailed, providing suggestions and estimating costs.
Phil Spencer’s Top Tips on Handling Surveys:
1. Always get a second opinion from a builder
2. Inform your surveyor of anything specific you’d like them to pay close attention to
3. Ask the surveyor about anything worrying in the report
4. Build a relationship with your surveyor
5. Don’t panic
6. Get comparative quotes
7. If a property requires a significant amount of work, try and renegotiate the price with the seller
Need a surveyor? Connect with one here: www.moveiq.co.uk/free-quotes/surveyors
Find a trusted mortgage adviser here: www.moveiq.co.uk/free-quotes/mortgages
If you’re looking for more advice on surveys and surveyors, we can help: www.moveiq.co.uk/buying-a-property/doing-a-deal/the-exchange-process/choose-surveyor-guide-surveys
Unsure how to negotiate a house price? Here’s our advice: www.moveiq.co.uk/buying-a-property/doing-a-deal/offers-and-negotiation/negotiate-house-price
What are your thoughts on Phil’s top tips? Let us know in the comments! Plus, don’t forget to subscribe for regular videos on all things property. kzbin.info
#PropertySurvey #HouseSurvey #BuildingSurvey #BuyingaHouse #MoveiQ

[@correyfaccini4854]

Great vid Phil! Thanks for the advice

[@MoveiQ]

We hope it comes in handy!

[@dynamn]

Do I need to get survey for my plan of building extension and conversion? what survey will that be please

[@Jules_Pew]

After paying for a full one and the seller selling to someone else, not needing a mortgage, we used a structural engineer walking around. Learnt tons about what to look for. He totally condemned one house. Also had a builder friend tag along as well. Will probably do the same later this year.

[@jonharry6293]

Always use a Structural Engineer they have public liability insurance so can be sued, they are fantastic.

[@ashleysalek8786]

I've read places saying a survey is optional and up to the buyer... But surely for the sake of a few hundred pounds it would be silly not to get one?

[@MoveiQ]

Agreed! Spending money early on could help you save in the long-run, particularly if the property needs significant work.

[@Stu-SB]

Mandatory in Scotland.. part of a home buyers report since 2008.. vendor must provide one..

[@davidwilson1219]

Been searching for some clear advice on this, thank you!

[@MoveiQ]

Happy to help! Check out our article on surveyors for more: www.moveiq.co.uk/buying-a-property/doing-a-deal/the-exchange-process/choose-surveyor-guide-surveys

[@MoveiQ]

Never underestimate the importance of a property survey! If Phil's top tips have helped you decide which type is right for you, we can connect you with an experienced surveyor here: www.moveiq.co.uk/free-quotes/surveyors What are your thoughts on property surveys? Let us know in the comments below! Plus, if you enjoyed this episode, make sure to subscribe for more advice on all things property! kzbin.info

[@Tridhos]

As I intend to buy an apartment in a purpose built block not a conversion what sort of survey is recommended for that?

[@KittianToy]

What about when buying an end unit Townhouse with a fenced in yard. Would you still recommend a survey be completed?

[@MoveiQ]

Thanks for the question, we would always recommend a survey. If you need a local surveyor we can connect you with one - quotes are free www.moveiq.co.uk/tools/home-buyers-guide/home-buyer-survey-quote/

[@fabienlusec1442]

I'll be getting the Full Structural Survey, thanks for the advice!

[@MoveiQ]

Glad Phil's tips could help! Remember, with these types of surveys, always get a second opinion. Connect with a surveyor here: www.moveiq.co.uk/free-quotes/surveyors

[@issypeterson3852]

This video has definitely made up my mind on whether to get one!

[@MoveiQ]

That's what we like to hear Issy! We can connect you with a surveyor here: www.moveiq.co.uk/free-quotes/surveyors

[@susieholland3142]

Looking good Phil!

[@MoveiQ]

Hope you found this advice helpful Susie!

[@SharminKhan]

Very helpful and clear... thanks for the video :)

[@MoveiQ]

Thank you for the feedback! There is more advice and top tips over at www.moveiQ.co.uk

[@SuperMilesy]

Very helpful vid for myself as a first time buyer 👌

[@MoveiQ]

That's what we like to hear! Be sure to check out www.moveiQ.co.uk where we have a whole section dedicated to helping first time buyers. Be sure to subscribe for further updates :)

[@markgreen6229]

AWESOME Info !!!

[@sylviacurrie3514]

Very helpful information

[@MoveiQ]

Glad you found it helpful.

[@Brian-qh6jg]

Are these different types of surveys also the same for the U.S.?

[@MoveiQ]

Sorry but we are unable to advise on the U.S. If you check with a local Real Estate Agent they will be able to advise you.

[@jontagg6404]

we had level 3 survey £800-no estimates,should we go back to them?

[@MoveiQ]

If you are not happy with your survey then yes you should speak to the surveyor who conducted it.