In order to find out if the property is worth the price you are paying, and about any major or minor structural defects, you will need to appoint your own surveyor.
Surveyors can carry out a structural survey on the properties you intend to purchase. They ensure that it is everything it says it is and forewarn you of any major problems you might have to deal with, everything from dry rot to subsidence.
Mortgage lenders will send their own surveyors that you will be billed for, but these costs generally get refunded once the mortgage goes through. However surveyors only value the property against the size of the mortgage loan.
For example if you are borrowing £50,000 and are putting down £50,000 of your own money to buy a £100,000 house, the lender's surveyor will only ensure that the value of the house will cover the loan amount. He will not be bothered that there is £10,000 of dry rot to be repaired, as this still values the house at £90,000.
If you are buying a property with cash, you will not need to get a survey. However this would be very foolish. The majority of cash buyers always get a survey before exchanging contracts.
Architects
For major building works like big renovations or building a property after purchasing the land, you will require an architect.
Architects work closely with other members of the construction industry including engineers, builders, surveyors, local authority planners and building control officers. Their time will be spent visiting your site assessing the feasibility of the project, inspecting building work or managing the construction process.
Architects will take your brief and can see the big picture – they look beyond your immediate requirements to design flexible buildings that will adapt with the changing needs of your business.
You will need to get the Architect involved at the earliest planning stage, this way they can set you straight in any areas they consider to be not inline with building regulations, or areas where you could maximise time and minimise expenditure.
If you are thinking of purchasing an investment property for a major renovation project, it would be advisable to get an Architects' professional opinion before putting any money down.
You are likely to want to employ someone local, but you may wish to talk to the UK based Royal Institute of British Architects (RIBA).
