Purchasing a property is the most significant financial commitment most people make in their lifetime, yet 80% or so of purchasers do not commission an independent survey.

Admittedly, a survey may cost several hundred pounds at a time when money is tight, but it will almost certainly draw your attention to defects that you didn't know existed or the seriousness of which you may not have appreciated. These defects may require considerable immediate or future expenditure.

You should be aware that a Survey is not the same as a valuation report which is commissioned by a mortgage lender. This type of report confirms to a lender that the property is suitable security for a mortgage. The report and inspection are brief and provide information required by a mortgage lender, although a copy will often be made available to the purchaser. The survey is most often commissioned by the solicitor if you have assigned one, and most mortgage conveyancers will give you information on how to get a survey completed.

In general three types of survey and report are available:

• a full building survey
• a homebuyer survey and valuation report
• a specific defect report.

Each serves a different purpose and costs vary accordingly.

A full building survey (often called a structural survey) is a comprehensive and detailed report on the current condition of the property and will take several hours to prepare. Each visible element of the property is inspected to ascertain its condition and suitability, any necessary repairs will be identified as will anticipated major expenditure - for instance the roof replacement or rewiring.

A defect report concentrates on one particular defect, specified by the client. For instance, evidence of movement. It will report upon the cause of the defect and any remedial works necessary. Who Carries Out The Survey?

Surveys should be undertaken by experienced Chartered Building Surveyors - look for the letters MRICS or FRICS after a persons name to denote this status.

Again this is dependent upon the size and value of the property, it's location and condition. For guidance however an inspection of a three bedroom semi-detached house valued at £150,000 would cost £325 + value added tax @ the chargeable rate.

Whether you choose a Homebuyers Report or Full Building Survey, the surveyor will inspect all visible elements of the building and may, in certain instances, recommend that a specialist in-depth report be commissioned if a particular area is causing concern. The Building Survey is a more detailed and comprehensive inspection and report, whilst the Homebuyer Survey is an economy package and reports only those items which affect the value of the property. Although each survey and Home Buyers report is different, each will provide information on the following elements as a minimum.