In order to reach a decision on whether to proceed with the purchase of a residential property, it is advisable to commission a survey to provide at least some information and advice in respect of the physical condition of the property. It may be that you are having a Mortgage Valuation carried out, but this is prepared only for the lender, and therefore should not be relied upon by any purchaser. A Mortgage Valuation only deals with general aspects of the property in relation to its security for your lender; it will not provide any detailed information on material defects that may exist, or major repairs that may be required to the property.
The Homebuyer Report (2009) is in standardised format as set out by the RICS, and is intended for houses and flats which appear to be in reasonable condition and are conventional in terms of construction, size and other aspects. It provides a focus on essential repairs that are urgent or significant or which may have a material effect on the value of the property. The report is generally priced lower than a Building Survey.