Occasionally, if you are using a mortgage to finance the purchase of a property or if you are remortgaging against a property, the bank will require a structural survey to be provided.
Why does the bank want a structural survey?
For a mortgage, the banks collateral against the money they are lending you is the property. Because of this they want to ensure that the property is structurally sound and that there are no serious conditional issues which could devalue he property.
Do the bank ask for a structural survey for all mortgage?
No. The exact conditions change from bank to bank. Some banks will ask if the property is over 50 years old, others 80 years old or 100 years old. Banks will also ask if the property is in an areas which is known to have been impacted by Pyrite or Mica.
The bank can also ask based on a recommendation from their valuer or if the property looks like it is in poor condition based on the estate agent listing photos/description.
How often do the bank request a structural survey?
Based on information we have collected over 3000 surveys, we believe banks will request a structural survey in 20-30% cases.
Who can conduct a structural survey?
A survey of this level can be conducted by several professions who are familiar with the construction of residential properties and the materials used. But the most common professions you will see in Ireland are Building Surveyors, Engineers, Architects and Architectural Technologists.
However, not everyone in these professions may be experienced with residential surveys and so experience is also a vital component. The person you hire should also have appropriate PI Insurance covering them for residential surveys.
Is there a specific requirements which a structural survey should meet?
Yes. A survey should be conducted to a minimum of the SCSI Level 2 survey. However, most surveyors tend to go into a little more detail that this.
Are GetHouseSurvey.ie surveys appropriate for my bank?
Yes! Our surveys are conducted to a standard beyond what is required by all banks and lenders, including local authorities.
To book your survey, just go to GetHouseSurvey.ie and click on "Get Survey Now".