Frequently asked questions about Surveys
This was originally published at: https://www.everknock.com/faq/survey- Why does my lender need to carry out a survey?
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When you apply for a mortgage, the lender will usually carry out a valuation survey to ensure it is worth the agreed price.
- Do I need my own survey?
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A lender’s valuation survey is not particularly comprehensive and will often not involve anyone visiting the property in person, so you should not rely on it for anything other than valuation. In particular, the lender’s survey is unlikely to tell you anything about the structural condition of the property.
- What is a structural survey?
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A structural survey is produced by a qualified structural or civil engineer (with the relevant professional indemnity cover). It assesses and diagnoses structural defects in a property and recommends structural repair works. Structural surveys are normally categorised as either basic or full, which offer differing levels of detail. Whilst a basic structural survey is sufficient for most residential properties, a full structural survey provides the most comprehensive analysis of a property’s structure and condition and is a good choice if you are buying a property over 50 years old, of unusual design, or in poor condition.