Surveys and Fees
- This is a payment as one of the requirements of a lender prior to approving a mortgage.
- The survey of the property is normally required in the interests of protecting the lender- the fee is nevertheless paid by the buyer!
- There are different levels of survey from basic which is normally sufficient for a modern house, to more detailed surveys. The latter is suitable for period properties where there is more risk of dry-rot wet-rot, subsidence, heave, landslip etc. The latter categories can attract an excess of say £1000 after which the insurance co. may pay for any damage caused.
See also
Published: 11 November 2013 Last Updated: 17 November 2021