Surveys and Valuations
When you find a home that you want to buy, you and, if you are taking out a mortgage, your lender will want to have the property inspected to find out about its condition and value. There are three basic types of inspection, each for a different purpose;
- Mortgage Valuation (also known as a scheme 1 survey)
- Homebuyer's survey and valuation (also known as a scheme 2 survey)
- Building survey (also known as a structural survey)
How much you can expect to pay will depend on the type of inspection, with the building survey being the most expensive. You should ask the lender or surveyor to tell you what the likely fee will be before the survey is carried out.
Source - Buying a Home in Scotland, Communities Scotland, March 2006.
