By Nick Elgey, of Cumberland Estate Agents

Last updated 23:28, Monday, 06 October 2008

Most property, irrespective of its age, condition or value must have a valuation carried out on it before any lender will agree to advance a mortgage for its purchase. This safeguards the interests of the lender.

• Visit the Cumberland Estate Agents website

Top of the range: A good quality survey can save you money and bring peace of mind

A valuation is carried out after a sale has been agreed, but before any formal offer of mortgage is made by the lender.

However, there are three types of surveys available to home buyers.

These can normally be arranged by the lender and they will vary in cost depending upon the level of detail required.

It’s usually the buyer’s choice on which type of survey they prefer to instruct.

The most basic survey is called a Valuation Report. Most home buyers rely on the Valuation Report prepared for their mortgage lender, even though this inspection is for the lender’s own purposes and the duty of care to the buyer is very limited.

If you choose this type of survey and structural defects are subsequently discovered which would not have been easily seen during the surveyor’s inspection it’s unlikely that the surveyor will be liable for failing to identify them.

The second type of survey is known as the RICS (Royal Institution of Chartered Surveyors) Homebuyers Survey & Valuation.

This survey goes into more depth than a Valuation Report by examining all significant elements of the property and it also provides a valuation.

It’s aim is to give the buyer a much better idea of any faults which currently exist or which may arise in the future.

The Building Survey, previously known as a Structural Survey, is the most comprehensive survey available and therefore the most costly.

This examines every aspect of the property and provides the buyer with a detailed report on the property including all its defects.

A Building Survey is usually chosen for very old or unusual properties such as thatched cottages.

However, it’s not just older properties that are subject to defects as new houses can also have problems.

It’s sensible to safeguard what is probably the biggest investment you will every make in your life, so choosing the right survey for your home purchase is an important decision.

At best it will save you money, at worst it will give you peace of mind.

• Nick Elgey is managing director of Cumberland Estate Agents.
• Visit the website at www.cumberland.co.uk