What does 'Drive by Survey' mean when buying a property?
Find out what Drive by Survey means when you are buying a property. 'What does Drive by Survey mean?' plus over 150 other property related terms and jargon in plain English
Drive by Survey
Also known as a "Drive By Valuation"
Where the buyer is providing most of the funds for a property purchase the mortgage provider may not need a physical inspection of the building. Instead they will just want to check that the property exists and so the surveyor will simply visit the site where you claim you are buying. This is known as a "drive by survey".
It is not quite, however, the "drive by" it implies. The surveyor will usually do a basic inspection of the outside of the building using binoculars if needed. They will be looking for anything such as major problems on the roof or wall cracking which might suggest subsidence.
Any issues, in short, which could have such a major impact on the property's value that no matter how little you are borrowing, the lender will be at risk.
To find out more about the different types of surveys involved in buying a property pick up a copy of my ebook How to Really Buy a Property.