When your offer is accepted by the vendor, you need to employ a solicitor to handle all legal aspects of your purchase (property conveyancing).
At this point you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
If your require a mortgage, the next step is to obtain the Mortgage Valuation carried out by a Chartered Surveyor acting for your Lender. The report determines whether the amount to be loaned is secure, deals with the basic condition of the property, and highlights any significant defects and problems which are likely to have an overall impact on the value of the property. Once the Lender is in possession of the Mortgage Valuation survey and, provided all references and checks have been conducted satisfactorily and subject to the receipt/approval of the mortgage application, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer's solicitor
There are two types of survey available:
- HOMEBUYER SURVEY/VALUATION
This is more expensive than the Mortgage Valuation but less than the Building Survey (See below). It is more appropriate to properties that seem in good condition and conventionally constructed.
This in-depth report will help you assess whether the agreed price reflects the actual value. In addition the surveyor's report will identify features that may affect the value and future marketability.
- BUILDING SURVEY
Unlike the Homebuyer's Survey, this is suitable for all types of property whether conventional or unconventional (i.e. of unusual construction such as historic or Listed Buildings), have been extensively altered or where major work is planned.
The Building Survey is comprehensive and lists full technical details of the construction, materials and condition. It highlights the full spectrum of defects from the more serious to the insignificant and the terms of the survey are therefore tailored to fit the client's specific needs. However this does not include a valuation and is only conducted by prior agreement.
