Getting a Home Buyers Survey

Chartered Surveyor on HomeBuyers Report

When buying a property it is strongly recommended that a Home Buyers Survey is undertaken before you legally commit yourself to the purchase.

What are the main types of Survey?

1. Mortgage Valuation Survey
2. HomeBuyers Report
3. Structural or Full Building Survey

Mortgage Valuation Survey

The Mortgage Valuation is commissioned by the lender and is really intended for the lender to see whether the property is adequate security for the loan. It is, by no means, a substantive report and should not be relied upon by a buyer for the purposes of being satisfied as to the structural soundness of the property. If the property is a ‘new build’ then a mortgage valuation may be adequate but in all other cases, a substantive survey should be considered.

Home Buyers Report or Structural/Full Building Survey

Surveys should be carried out early on in the conveyancing process, once the offer has been accepted and the mortgage offer (if relying on a mortgage) is in place. A survey should certainly be carried out before exchange of contracts, before you have legally committed yourself to the purchase.  Unfortunately, the seller can 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.

The information contained in the survey will depend on the type of survey you choose to go for. For properties which are less than 100 years old and which have not been substantially altered a HomeBuyer Report is generally advised. For older properties which have been extended, etc., a structural or full Building Survey is advised.

What does a Survey reveal?

The 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, damp and rot. Once the report has been obtained it should be passed to your conveyancer who can 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.

Dealing with problems in the Survey

Any agreements to deal with problems highlighted in the survey must be recorded in writing so the parties are fully aware of what has and has not been agreed. Often, buyers will approach the estate agent to discuss these matters and negotiate through them.  This may be suitable for the purposes of commencing negotiations, but it always better to deal with such matters through your conveyancer or solicitor.

The buyer’s conveyancer should obtain written confirmation from the seller’s conveyancer that any works to the property or any inspections (for damp, electrical wiring, asbestos, etc.) will be carried out before completion and evidence of the works or the relevant test certificates should be supplied before completion. Some solicitors insist on special conditions in the contract to cover these matters.

If works are to be carried out then the buyer may be able to negotiate a reduction in the purchase price or an ‘allowance’.

Inspection pre-completion

The Buyer may wish to inspect the property after the works have been carried out, before completion takes place. They can arrange to do this through the agents or their conveyancer. It is a good idea to do this since it means that if the works have not been undertaken to a satisfactory standard, there is still time, before completion, to perfect them. It is therefore advisable to allow additional time before exchange or between exchange and completion for the works and inspections to be carried out by the seller and his agents.

Obtain a survey through Fridays

Fridaysmove are able to offer surveys, having teamed up with one of the UK’s leading Surveyors. Click here for your Home Survey Quote.