The Importance of having a Property Survey
Purchasing a property stands as one of the most significant investments you’ll ever make. It’s crucial to gather as much information as possible about the property’s condition before committing to the purchase. Your Property Solicitor will likely advise you to conduct a survey early in the transaction process.
There are various types of surveys available to property buyers:
- Valuation Report (Mortgage Company Valuation):
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- If you’re obtaining a mortgage, your lender will engage a qualified surveyor to conduct a valuation and condition report on their behalf. This ensures that the amount they’re lending you is secure against the property.
- While this report may reveal significant defects, it’s typically only two to three pages long and provides limited information. It doesn’t offer a detailed analysis of necessary repairs or maintenance.
- Homebuyers Report:
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- A Homebuyers Report offers more comprehensive insights into the property, aiding you in making an informed decision and potentially saving you money by uncovering potential issues like structural problems or damp.
- The survey is carried out by a member of the Royal Institution of Chartered Surveyors (RICS), often local to the property. This local knowledge is invaluable, allowing you to discuss specific concerns with the surveyor before the inspection.
A Homebuyers Survey and Valuation will provide valuable information, including:
- Reasonableness of the purchase price
- Property’s locality and surroundings
- Structural issues or concerns
- Overall condition of different building elements
- Need for further specialised investigations
- Relevant environmental factors (e.g., flooding, mining, Japanese Knotweed)
- Health and safety considerations (e.g., fire escapes, asbestos)
- Legal aspects (e.g., building regulations, planning permissions, rights of way)
- Presence of guarantees
- Property’s susceptibility to dampness, wood-boring insects, and timber decay
- General property information (type, age, construction)
- Any significant drawbacks you may not have been aware of
The RICS Homebuyers Survey conducts a thorough inspection of accessible areas, including the roof space, sub-floor areas, drains, gardens, and outbuildings. The findings are presented using a straightforward condition rating system:
- Condition Rating 1: No repairs are currently needed; regular maintenance is required.
- Condition Rating 2: Repairs or replacements are necessary but not considered serious or urgent; regular maintenance is needed.
- Condition Rating 3: Serious defects that require urgent repair or investigation.
We strongly recommend initiating a Homebuyers Survey early in the process. Please provide us with the full report for review, allowing us to discuss relevant points with you and recommend further assessments if necessary. We pay close attention to the “Issues for your Legal Advisors” section, cross-referencing it with our legal title check and the searches conducted on your behalf.
Full Structural Survey: For a comprehensive analysis of the property’s structure and condition, the Full Structural Survey is the most thorough option. This survey lists defects and necessary repairs, including inspections of the loft space, roof, and underfloor areas. It’s particularly valuable for properties over 50 years old or those in poor condition, providing detailed insights for projected costs and timelines when significant concerns or structural defects are at play.
Investing in a property survey is a wise decision, offering peace of mind and protection for your real estate investment.
