Valuation

Before making an offer on a property in Scotland or before exchanging contracts in the rest of the UK, it's important to have a survey. However, over 50% of buyers fail to do this, and rely on a basic valuation alone - a risky proposition when you learn that around 20% of properties are found to have major faults, such as damp, dry rot or insect infestations.

If you are buying a new house, it should have a National House Building Council (NHBC) certificate. This is a warranty that covers the house for 10 years against certain types of physical damage caused by a defect resulting from the builder failing to meet NHBC Standards. In this case, you may not need to commission any further surveys - the lender's valuation report will be sufficient.

For older properties there are three types of survey:

• Homebuyers report and valuation survey
• Building survey
• Specialist report

Which one you choose usually depends on the age and type of property you're buying - but if you're in any doubt about the property's condition you should have a thorough survey carried out. Any house over 50 years old should have a full structural survey, as it may have a variety of problems such as dry rot, rising damp, infestations, poor electrical or plumbing installations, subsidence, rotten window frames or a leaking roof.

Surveys should be carried out only by a qualified surveyor, who should be a member of the Royal Institute of Chartered Surveyors (RICS), which now incorporates the Institute of Surveyors and Valuers (ISVA), or the Royal Institute of Chartered Surveyors in Scotland (RICSS).

In addition, you should take a long and careful look at the house yourself, not just a cursory glance. Look at everything and try to get an idea of the likely cost to you of rectifying defects.

If a survey brings to light any poor condition that isn't already reflected in the asking price, you should negotiate a reduction to cover the cost of repairs or renovation. If a property needs work doing on it, obtain a quotation in writing from a local builder or specialist.