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What is a Structural Survey?
Step 1 - The Valuation
When you're purchasing a property, and you have applied for a mortgage, the first step the bank will take is to instruct a valuation surveyor to value the property. This is so the bank can ensure the property is worth the amount of money that they are lending.
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Please note the valuation is carried out by a third party and is not carried out by My Property Surveyors LTD.
Step 3 - The Survey
Our survey includes an assessment of all accessible and visible areas of the property. As part of this, we identify any underlying structural concerns with the property and provide advice on how to repair and estimated costs.
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We provide advice on the urgency of these repairs so that the lender can understand the property condition.
Step 2 - The Valuation Report
Often, during the valuation, the surveyor will identify some key signs of structural issues and value the property at "£ - zero" and advise that you obtain a structural report from a suitably qualified engineer.
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The bank usually won't release the mortgage funds until this has been completed.
Qualifications
Your lender will likely stipulate that you must obtain a structural report from a Chartered Building Surveyor or Structural Engineer.
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Here are My Property Surveyors LTD, our Lead Building Surveyor Sam is a Chartered Building (MCIOB) which is accepted by all lenders as a suitable qualification for structural reports for mortgage lending purposes.