If buying a freehold or leasehold property, a survey will be required for the mortgage application, but should be carried out anyway to assess the property accurately and in the right amount of detail.

There are three types of survey which can be undertaken, which can be arranged by the mortgage lender.

Types of survey

A basic valuation report will be required for mortgage purposes and will suffice in situations where you are inheriting a holiday home for example.

A Homebuyer’s Report will provide more information about the condition of the property with an assessment of the value of the property in respect of the agreed selling price. Included will be major issues which need consideration before the transaction takes place such as damp or the condition of the electrics.

If a property is more than 30 years old, a full Buildings Survey is recommended to cover in more detail any issues before purchase. The surveyor will spend longer at the property to identify major and minor faults and issues. This is also recommended for listed buildings and those which have been subject to significant alteration or are unusual in design or materials used.

One important factor to consider when reviewing the survey findings is the how any findings may affect preparation for holiday lettings. Usage of the property by guests can exact a surprising amount of wear and tear on the property, so it is worth addressing any issues before guests going in, even if they are not urgent repairs or improvements. It can be much harder and problematic to address issues if guests are in the property enjoying a holiday, and can affect their stay.