Surveys

Current estimates of fall through rates because of problems with valuation inspections and condition surveys vary from 20%-40%.

Before making a decision to purchase it is advisable to have a professional survey and valuation of the property which interests you. Before you decide to go ahead and commit yourself legally, you can minimise the risks by asking a qualified surveyor to make an assessment for you.

• Is the agreed price reasonable?
• Are there drawbacks I don't know about?

Commissioning your own independent survey is the simple, economical way to avoid unpleasant--and perhaps costly surprises. The surveyor's report may enable you to renegotiate the purchase price. Even if you are seeking a mortgage--and may be paying for a Mortgage Valuation report--it is still advisable and prudent to arrange a survey by your own surveyor.

TWM online services can give you access to a panel of independent SAVA (Surveyors and Valuer's Accreditation) surveyors throughout England & Wales. SAVA accreditation gives you the peace of mind of knowing that all of the surveyors are regularly monitored and audited to ensure that high service standards are maintained

The choices are as follows:

• Valuation Only
• Homebuyer Survey & Valuation
• Full Building Survey
• General Structural Inspection

Valuation Only

A Valuation Report on a property is usually arranged by a Bank or Building Society. The aim of the report is to inform the lender of the value of the property and to ensure the mortgage is appropriate for the value of the property.

The RICS Homebuyer Survey & Valuation (The Homebuyer Report)

The Homebuyer Report focuses on potential defects and problems which are urgent or significant and thus have an effect on the value of the property--although it also includes much other valuable information. The Homebuyer includes a valuation. Wiring, drainage and gas are not covered so you may require a specialist to check them for you.

A Building Survey (Structural Survey)

A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed for properties with unusual construction, is dilapidated or has been extensively altered - or where a major conversion or renovation is planned. It is usually tailored to the client's individual requirements. The report includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.

General Structural Inspection

This will normally be performed by a Chartered Engineer. The inspection will concentrate only on the structural aspects of the building (foundations, walls and roof). It is often useful if the prospective purchaser is intending to carry out a total refurbishment and hence will be replacing the interior decoration and all the services (plumbing, electrics etc).

Once registered you can seek quotes from an extensive network of surveyors covering England, Wales and Northern Ireland. All surveyors are RICS qualified, so you can be sure that you will have an accredited professional for the job.