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Home buyer and building surveys

Find and compare house surveys with Optimus

  • Nationwide network of RICS surveyors
  • Immediate up-front quotes
  • Competitive fees

Whether you’re buying your first flat, your dream house, or your fifth investment property, a survey is the best way to check it’s structurally sound. However it can be confusing trying to decide which type of survey you need.

MoneySuperMarket has partnered with property survey expert Optimus to offer you access to its panel of more than 200 chartered surveyors – so you can find the right survey at the right price.

What is the difference between a house survey and valuation?

A valuation is a basic check, carried out on behalf of a mortgage lender or a cash buyer to ensure the property is worth the money being paid for it. If you are buying a property it is important you do not rely solely on the valuation, you should also instruct a survey on your own behalf.

A survey is something you can have done to give you an idea of the structural safety and value of a property you want to buy. There are two types of survey you can get for a potential home: A homebuyer report and a valuation survey.

Ascertaining the market value will help you get a mortgage. But when you buy a property, it’s your responsibility to ensure it is structurally sound. Booking a homebuyer survey or Building Survey by a qualified Royal Institution of Chartered Surveyors (RICS) surveyor is the best way to spot any unforeseen problems. If it does reveal issues, you can also use the information to negotiate a lower purchase price.

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What are the different types of house surveys?

There are three main levels of house surveys available: 

  • Tick icon

    The RICS Condition Report

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    The RICS Homebuyer Report

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    The RICS Building Survey

The Condition Report identifies any urgent defects. However, it doesn’t provide a market valuation or an insurance rebuild cost, which is why many buyers opt for a Homebuyer Report or a Building Survey.

A Homebuyer Report highlights any major problems, while a Building Survey provides more detailed analysis and advice about next steps. Which one is right for you will usually depend on the age, location, and type of property you are considering buying.

What’s included in a Homebuyer Report?

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    An easy to understand traffic light condition rating system

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    Details about any urgent or significant repairs that may be required

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    Details about problems that could affect the property value

What’s included in a Building Survey?

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    A detailed report on the construction and condition of the property

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    Advice on repairs, on-going maintenance, and issues that may affect the property value

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    Clear information about areas that require urgent attention

Do I need a full building survey?

A Homebuyer Report is sufficient for most modern homes built to typical construction standards, as long as there are no obvious issues. But if you’re buying a property that is more than 150 years old, or has been significantly

As a property purchase is such a big financial transaction, some people also opt for a Building Survey as a form of protection. Sellers are under no obligation to mention any structural problems, even if they are aware of them, so a full Building Survey is the best way to ensure there are no nasty surprises after the contracts have been signed.

What type of home survey is right for me? Homebuyer Report Building Survey
I’m buying a standard construction property  yes no
I’d like a user-friendly traffic light rating yes no
I’m buying a property that’s more than 150 years old no yes
I’m buying a property that’s been significantly altered no yes
I plan to significantly alter the property once it’s mine no yes
I want advice on repairs and maintenance required yes yes
I want a key risks report yes yes
I want to know about issues that affect the value yes yes
I want details of problems that need urgent attention yes no
I want a rebuild value for insurance purposes yes no
I want an in-depth inspection no yes
I want a comprehensive structural report no yes
I want a description of the defects uncovered no yes
I want professional advice on repair options no yes

 

 

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Compare surveys

It’s easy to find and compare home surveys with MoneySuperMarket’s partner Optimus. Simply answer a few questions about yourself and the property you’re hoping to buy, and Optimus will be able to provide you with a quote.

If you are happy with the price, then all you have to do is book the Survey, and Optimus will contact you to arrange an appointment for the property survey to take place, making sure that you get a Surveyor that can work around your schedule, so you can find out everything you need to know about your potential new home.

Who are Optimus?

MoneySuperMarket has partnered with Optimus to help you find the right home buyers’ survey by providing access to Optimus’ panel of more than 300 RICS surveyors. 

You’ll have to give Optimus a few details about your planned purchase to allow it to quote you for the survey – this way they can give you an accurate fee instantly, rather than an estimate. 

They offer a fixed-price guarantee on all survey types, regardless of location or property type – and there are no hidden fees.

You can contact Optimus here, send them an email at moneysupermarket@optimus-move.co.uk, or call on 0117 933 9471.

It’s your responsibility to check for structural risks and problems when you buy a house or flat. By going ahead without a survey, you could therefore find yourself with a property that needs extensive repairs or can’t be sold on for anything like the amount you paid for it.

If a survey does reveal the property needs work, you may also be able to negotiate a better price. The same is true if the survey suggests a lower market value than the price you’ve agreed, so getting a survey can save you money on the purchase – as well as in the future.

The Mortgage Valuation is for the lenders benefit and doesn’t provide any details regarding the condition of the property – you may not even get to see a copy of the report.

When you appoint a RICS-regulated surveyor to provide you with a full and thorough survey, you can relax knowing you have a full understanding of the condition of the property before you sign on the dotted line.

No, identifying any problems with a property is the buyer’s responsibility, so you don’t have to get a survey to sell your house. You may, however, wish to get a survey done to reassure potential buyers – for example, if it’s a very old property or you’re close to a flood risk area. 

When selling your home, you also have to provide an Energy Performance Certificate (EPC) rating the energy efficiency of the property with a letter between A and G. 

When you book a RICS Homebuyer Report, the surveyor will check all major indoor features including ceilings, walls, and bathrooms, as well as exterior features such as roofing, pipes, gutters, walls, windows, and doors. Problems they will look out for include leaks, subsidence, and rising damp.

You’ll also receive background information on the property and location, an estimated rebuild cost you can use for insurance purposes, and an assessment of the damp-proofing, drainage, and insulation (but not the drains themselves).

Surveyors use a special damp, or moisture, meter to check walls for rising damp. They also check for signs of damp such as stains, rotting floorboards, and peeling paint, which can be caused by leaking pipes, accidental floods, or insufficient ventilation.

Yes, both Homebuyer Reports and Building Surveys involve window checks, including whether or not the windows are double glazed. Most surveyors will also want to open the windows so they can check for damaged timber, and make sure the keys are not missing. 

Yes, surveyors will check the loft because it’s often the easiest place to spot potential problems such as a leaky roof or insufficient insulation. If you’ve had your loft converted, they’ll also want to check the quality of the work. If you’re planning to convert the loft space after buying a property, a surveyor can also tell you whether or not this is possible.

Yes, surveyors will check the loft because it’s often the easiest place to spot potential problems such as a leaky roof or insufficient insulation. If you’ve had your loft converted, they’ll also want to check the quality of the work. If you’re planning to convert the loft space after buying a property, a surveyor can also tell you whether or not this is possible.

The cost of a full Building Survey depends on the property being surveyed, but prices start at around £600. A Homebuyer Report is generally a cheaper option at around £345 +VAT according to Optimus – although its cost will also depend on the size and value of the house or flat in question. Either way, you can find a better deal by shopping around.

If you have to pay for your mortgage lender’s valuation survey, the average cost is around £250. A basic Condition Report, meanwhile, costs from £300.

You’ll likely find the same options as if you were taking out a first mortgage when remortgaging. The most common remortgage deals include:

Remortgaging with a fixed rate deal

A fixed rate mortgage is when the interest rate stays the same for a set amount of time. This can be a good option if you want peace of mind that your repayments will stay the same each month. Most fixed rate deals run for between two and five years, although some are longer.

Fixed rate mortgages are the most popular mortgage type for people looking to remortgage, according to MoneySuperMarket mortgage comparison quote searches from January 2016 – July 2018.

Remortgaging with a tracker deal

Tracker mortgages have variable rates that track the Bank of England base rate at a set percentage above or below it.

If the Bank of England’s base rate rises or falls, the interest you pay on your monthly mortgage repayments will do the same. This can be good when rates are falling, but you’ll need to be sure you could afford your repayments if rates went up.

70% of consumers looking for a tracker mortgage are remortgaging, according to MoneySuperMarket data January 2016 – July 2018.

 94% of people looking to remortgage are looking for a fixed rate mortgage
 Types of tracker mortgage

Other mortgage types to consider

Other mortgage types you might want to consider if you’re looking to remortgage include:

  • Capped rate mortgage: a capped rate mortgage is a variable rate mortgage, but there is a limit to how high the rate can go. This can be useful if you want a variable rate mortgage, but also want to avoid unaffordable payments if the rate rises.
  • Discounted mortgage: a discounted mortgage is another type of variable rate mortgage which offers a discounted rate on the lender’s SVR for a certain period of time.
  • Offset mortgage: an offset mortgage helps to reduce the overall interest you pay by offsetting your savings against the outstanding balance of your mortgage. But this does mean you won’t be gaining any interest on your savings during the deal.

Fixed rate mortgages have an interest rate that stays the same for a set period. This could be anything from two to 10 years. Your repayments are the same every month and you don't need to fear fluctuations in interest rates. Most will charge you a penalty - known as an early repayment charge (ERC) - if you choose to leave the deal before the end of the fixed term.

Interest rates adjust periodically with a variable rate mortgage, which means repayments may change throughout the loan term. Usually, the interest rate changes in relation to another rate - the Bank of England's base rate is very influential on variable interest rates, as is the base rate of each lender.

For standard variable rate (SVR) mortgages, each lender has an SVR that they can move when they like. In reality, this tends to roughly follow the Bank of England's base rate movements. SVRs can be anything from two to five percentage points above the base rate – or higher – and they can vary massively between lenders.

The other type of variable mortgage is a discount mortgage. Rather than being linked to the Bank of England base rate, discounts are linked to the lender's standard variable rate (SVR). For example, if the SVR is 4.50% with a discount of 1%, the payable mortgage rate is 3.50%. If the SVR rose to 5.50%, the pay rate would rise to 4.50%.

The problem with discounts is that SVR changes are at the lender's discretion so your mortgage payments could change even if there has been no alteration in the Bank of England base rate. What's more, even if the SVR changes following a move in the base rate, there is no guarantee that it will increase or decrease by the same amount.

As a result, trackers are usually seen as more transparent than discounted deals and are often seen as being fairer for the borrower.

When the base rate fell from 5.00% to 0.50% between October 2008 and March 2009, for example, Lloyds TSB was the only top 20 lender to reduce its SVR by the full 4.50%. All the others cut their rates by less.

When the Bank of England raised the base rate from 0.25% to 0.5% in November 2017, anyone who wasn’t on a fixed rate mortgage was at risk of seeing their repayments increase. A number of leading mortgage lenders followed and increased their tracker and/or SVR rates a month later.

Most mortgage deals carry arrangement fees, which can vary from a few hundred pounds up to a couple of thousand.

Also bear in mind that these set up costs can sometimes be made up of two fees. An increasing number of lenders charge a non-refundable booking fee, which is effectively a product reservation fee. If your house purchase falls through and you don’t end up taking the mortgage deal, you won’t get this fee back.

The second type of fee is an arrangement fee which you pay on completion of the mortgage so you won't have to pay it if, for any reason, you don't take the mortgage.

Calculate how early you could pay off your mortgage. But make sure you read our mortgage overpayment guide first, as overpaying isn’t the right move for all homeowners.

Mortgage overpayment calculator

Remember to always factor these into the overall cost of any deal. Even if a lender is offering a seemingly unbeatable rate, steep fees could mean that it actually works out to be more cost-effective to opt for a higher rate, but with a much lower fee, or no fee at all.

The best mortgage rate for you depends on how much you are looking to borrow. A high fee is often worth paying in order to secure a low interest rate if you are applying for a large mortgage. But those with smaller mortgages could be better off opting for a higher rate and lower fee.

However, while this is the general rule, it is well worth crunching the numbers when you are comparing mortgages - you need to work out the total cost over the term of the deal. For example, if you are going for a two-year fix you need to work out the cost of your repayments over the term. You can do this by finding out what the monthly payment will be using our mortgage calculator – and then multiply by 24. You then need to add on the arrangement fee to find out the total cost.

You will likely find that you have more mortgage deals available to choose from if you have a good credit history, so it’s worth making sure that your credit report is as good as it can be before applying for a mortgage. Steps like paying off any outstanding borrowed credit you owe and making sure your current address is on the electoral role can help to improve your credit score.

The more money you can save as a deposit, the less you’ll need to borrow as a mortgage loan – and having a bigger deposit can help you get access to more competitive mortgage rates. Lenders will often have a maximum loan to value they’re prepared to offer you, and the rest will need to be made up with either a deposit or an equity loan like the government’s Help to Buy equity loan scheme.

Using a mortgage comparison tool can help to give you a better idea of how much you’d need to pay in monthly costs and interest, the duration of the deal, the maximum LTV and any product fees you may need to pay for the mortgage deals available based on your borrowing requirements. It’s important to remember though that the actual mortgage deals you’re offered when you go to make an application may differ because they will then be influenced by your financial situation and credit history.

Get free mortgage advice, and see deals from the whole of the market, with broker London & Country. Call free from your landline or mobile on 0800 170 1943 any day.

Read more about London & Country

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In most cases, the situation arises out of necessity. Rents are sky-high, and getting on the housing ladder is notoriously expensive in many parts of the country, so children have little choice but to return to the family home.

But that in itself brings its own pressures and concerns for parents and their offspring. What are the additional costs of having another person under the roof? How do family members get along on a day-to-day basis when they might have different schedules, responsibilities and preferences?

We’ve explored these and related issues in a survey of what is undoubtedly the biggest hotel chain in the UK. And we’ve built an interactive calculator so that parents and children alike can work out how much they’re spending or saving by being in their own Hotel of Mum & Dad.

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