By Nick Elgey, of Cumberland Estate Agents

Last updated 14:44, Saturday, 29 March 2008

• Vist the Cumberland Building Society website

 Most property, whatever its age, condition, or worth must have a valuation before any lender will agree to advance a mortgage for its purchase. This safeguards the interests of the lender.

 A valuation is carried out after a sale has been agreed, but before any official mortgage offer being made by the lender.

There are three types of report which vary in cost depending upon the level of detail required. However, it is the buyer who chooses which type they prefer to instruct.

The most basic report is called a valuation report. Most home buyers rely on the valuation report prepared by their mortgage lender, although this report is for the lender’s own purposes and the duty of care to the buyer is very limited.

If you choose this type of report and subsequent structural defects are discovered which would not have been easy to see during the valuer’s inspection it is unlikely that the valuer will be liable for not identifying them.

The second type of survey is known as the RICS (Royal Institute of Chartered Surveyors) homebuyers survey and valuation. This goes into more depth than a valuation report by examining all significant elements of the property as well as providing a valuation.

Its aim is to give the buyer a much better idea of any faults which exist or may arise in the future.

The buildings survey, previously known as the structural survey, is the most comprehensive survey available.

This examines every aspect of the property and provides the buyer with a comprehensive report on the property, including all its defects.

A building survey is usually chosen for very old or unusual properties such as thatched cottages. However, it is not just older properties that are subject to defects or problems – new houses can also have issues.

It is common sense that you should safeguard what is probably the biggest investment you will ever make in your life, so choosing the right survey for your home purchase is an important decision. At best it will save you money, at worst, it will give you peace of mind.

•  Nick Elgey is managing director of Cumberland Estate Agents. Visit the website at www.cumberland.co.uk