What is a Survey?
A licensed surveyor is instructed to carry out an inspection of a property’s condition. A survey identifies major problems, any areas which require repair, or appliances, such as boilers, which may need testing, or their installation certificates checking. A survey will provide detailed analysis on the structure, boundaries and features of a property, which may have potential defects.
What are the different types of survey?
Different levels of surveys are available. The most common surveys are listed below:
- Lender’s Mortgage Valuation – This is specific to the property you are purchasing. It gives the lender confirmation of the property’s value.
- Homebuyers Survey – This is the most common survey, which provides a detailed assessment of the property’s condition. Any significant defects will be highlighted and advice will be provided as to the repairs and action needed in the future.
- Full Structural Survey – This is the most comprehensive kind of survey and is most commonly used in practice when purchasing an older property, or a property in poor condition. A detailed report is provided, advising on every part of the building and providing a cost breakdown of repairs. A structural survey is extremely useful if you are planning on altering or renovating the structure of the property.
Why is a survey so important?
Obtaining a survey in the opening stages of purchasing a property offers a range of benefits and allows a buyer to make an informed decision when proceeding with the purchase.
- Insurance and Lender requirements: It is often a requirement for insurance companies and lenders for a survey to be carried out. The survey will demonstrate any risks associated with the property.
- Risk Mitigation: Whilst it may initially seem like an unnecessary extra expense, a survey has the potential to prevent future expenses relating to repairs or replacements further down the line. The risk of unexpected problems popping up after completion is minimised and your understanding of the property will be far greater.
- Informed Decision making: A survey will give you more important information about the property. The property is fully investigated and you will have the chance to review this before committing to the purchase and incurring further expense later down the line.
- Negotiation: Once a survey has been carried out, any repairs can be negotiated with the seller, so that you do not need to carry these out post completion, or you can enter discussions regarding a reduction in the purchase price.
Our conveyancers will always advise you to contact a surveyor to obtain a survey as part of your house buying process. A survey report can be invaluable.
For further advice on buying and selling your home, please get in touch with a member of our Conveyancing Team on 01524 846846 or visit our website (www.osg.co.uk).
