Home Buyers Survey FAQ

What are the different surveys?

Your choice of survey will depend on a number of criteria. Broadly speaking, if you can answer yes to any of the following questions you should opt for a Building Survey:

  • Was the property built before 1900?
  • Has the property been substantially modified or extended?
  • Is the property of non-standard construction i.e. not brick and tile?
  • Are you planning any major works or renovations?
  • Is the property a house or flat?

If the answer was 'No' to the questions above then a HomeBuyer Report will be sufficient. You can still choose the more details Building survey if you prefer.

"In either case, the surveyor will identify all significant defects or factors that will materially affect the value of your new home. These can then be addressed before completing the negotiations on the agreed purchase price and before exchanging contracts.

Why should I get a home survey?

  • A survey will also offer advice on urgent faults to the buyer's legal advisors
  • It helps you make the right offer in the first place
  • It will help you budget for any necessary repairs. This will inform the offer you make
  • Gives you an independent and professional view of the property's value
  • A HomeBuyer Report will give you an independent view of the value of the property. The Mortgage Valuation is commissioned for the lender in order to assure them that there is sufficient equity to cover the loan.
  • Furthermore, the Lender is not obliged to give you a copy of the Mortgage Valuation Report even though you pay for it!
  • It's like having a cheap insurance policy
  • A Home Buyers Survey is like an insurance policy - if your Surveyor does not highlight problems that should be uncovered on the specific survey, you will be able to seek compensation.
  • Your RICS Chartered Surveyor will uncover any defects in the property which will enable you to use an estimated cost of repairs to negotiate money off the purchase price or even re-think the purchase.
  • Can be used to justify a price re-negotiation when expensive defects are discovered

When is the best time to get a survey done?

Property Surveys should be carried out early in the legal process.

Tip: Getting a Building Survey post offer could enable you to negotiate a price reduction once the legal work is underway. Either way, the survey should be carried out before exchange of contracts, i.e. once you have legally committed yourself to the purchase.

Unfortunately, the seller might pull out at any stage before exchange of contracts so you do run the risk of paying for a survey which you may not need, but you have little choice but to carry out a survey prior to exchange.

What does a property survey reveal?

The Home Survey Report will reveal defects within the property wherever possible and will comment on matters such as the condition of the walls, flooring, windows and roof and whether the property has been altered.

It will also comment on whether there is asbestos in the property or damp and rot. Once the report has been obtained it should be passed to your Solicitor who will then review it. It is important to write to the seller’s Solicitor early on to tell them of any defects so matters can rectified and remedied as quickly as possible. For example, the electrics at the property may need to be tested by a qualified electrician, dampness may need to be dealt with or roof tiles may need to be replaced.

What are the risks of not getting a property survey?

  • 1 in 4 of buyers face £1, 000s in unexpected costs in the first year
  • According to the Royal Institution of Chartered Surveyors, 25 percent of home buyers who do not carry out a Home Buyers Survey are forced to carry out unplanned works to the property after purchase.
  • The average repair costs are more than £1,800 but can run into the tens of thousands if serious remedial work is required; e.g. underpinning.

 

 

What are the different surveys?

Your choice of survey will depend on a number of criteria. Broadly speaking, if you can answer yes to any of the following questions you should opt for a Building Survey:

  • Was the property built before 1900?
  • Has the property been substantially modified or extended?
  • Is the property of non-standard construction i.e. not brick and tile?
  • Are you planning any major works or renovations?
  • Is the property a house or flat?

If the answer was "No" to the questions above, then a HomeBuyer Report will be sufficient. You can still choose the more detailed Building Survey if you prefer.

In either case, the surveyor will identify all significant defects or factors that will materially affect the value of your new home. These can then be addressed before completing the negotiations on the agreed purchase price and before exchanging contracts.

Why should I get a home survey?

  • A survey will also offer advice on urgent faults to the buyer's legal advisors
  • It helps you make the right offer in the first place
  • It will help you budget for any necessary repairs. This will inform the offer you make
  • Gives you an independent and professional view of the property's value
  • A HomeBuyer Report will give you an independent view of the value of the property. The Mortgage Valuation is commissioned for the lender in order to assure them that there is sufficient equity to cover the loan.
  • Furthermore, the Lender is not obliged to give you a copy of the Mortgage Valuation Report even though you pay for it!
  • It's like having a cheap insurance policy
  • A Home Buyers Survey is like an insurance policy  if your Surveyor does not highlight problems that should be uncovered on the specific survey, you will be able to seek compensation.
  • Your RICS Chartered Surveyor will uncover any defects in the property which will enable you to use an estimated cost of repairs to negotiate money off the purchase price or even re-think the purchase.
  • Can be used to justify a price re-negotiation when expensive defects are discovered

When is the best time to get a survey done?

Property surveys should be carried out early in the legal process.

Tip: Getting a Building Survey post-offer could enable you to negotiate a price reduction once the legal work is underway. Either way, the survey should be carried out before exchange of contracts, i.e. once you have legally committed yourself to the purchase.

Unfortunately, the seller might pull out at any stage before exchange of contracts so you do run the risk of paying for a survey which you may not need, but you have little choice but to carry out a survey prior to exchange.

What does a property survey reveal?

The HomeBuyers Survey will reveal defects within the property wherever possible and will comment on matters such as the condition of the walls, flooring, windows and roof and whether the property has been altered.

It will also comment on whether there is asbestos in the property or damp and rot. Once the report has been obtained, it should be passed to your Solicitor who will then review it. It is important to write to the seller’s Solicitor early on to tell them of any defects so matters can rectified and remedied as quickly as possible. For example, the electrics at the property may need to be tested by a qualified electrician, dampness may need to be dealt with or roof tiles may need to be replaced.

What are the risks of not getting a property survey?

  • 1 in 4 of buyers face £1, 000s in unexpected costs in the first year
  • According to the Royal Institution of Chartered Surveyors, 25 percent of home buyers who do not carry out a HomeBuyers Survey are forced to carry out unplanned works to the property after purchase.
  • The average repair costs are more than £1,800 but can run into the tens of thousands if serious remedial work is required; e.g. underpinning.