Home Buyers Survey Quote - RICS Surveyors for HomeBuyer Reports and Building Surveys
Fridaysmove are the UK's largest network of RICS regulated chartered Surveyors. With over 150 surveyors on our panel, we offer expert local experience from our local offices based throughout the country.
Every month we help hundreds of home buyers in the UK make an informed buying decision about the property they intend to buy.
We offer HomeBuyer Reports, Building Surveys and Property Valuations at unbeatable rates and often have next day bookings available.
The risks of buying a home without a Home Buyers Survey:
- 1/4 of buyers face £1,000's in unexpected costs in the first year
- According to RICS (Royal Institute of Chartered Surveyors), 25% 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 over £1,800 but can run into the 10's of thousands if serious remedial work is required; e.g. underpinning.
Should you get a Home Buyers Survey?
If you are planning to buy a property then it is absolutely essential that you get a Home Buyers Survey before you exchange contracts. Failing to do so could leave you immersed in a financial nightmare that could have been averted for just a few hundred pounds
- 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
Why your lender's mortgage valuation survey is not a survey
A common misconception is that the 'Mortgage Valuation Survey' is sufficiently detailed to inform Home Buyers about the structural integrity of their prospective purchase.
The Mortgage Valuation Survey is actually commissioned by the lender (albeit paid for by the buyer!) to ascertain 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*.
Which type of Home Buyers Survey should you choose?
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.
In either case, the surveyor’s main objective in providing the report is to assist the prospective home buyer to make a reasoned and informed judgement on whether or not to proceed with the purchase, assess whether or not the property is a reasonable purchase at the agreed price and enables the home buyer to be clear what decisions and actions should be taken before contracts are exchanged.
(For detailed information see: Survey Comparison Table.)
A RICS HomeBuyer Report is a clearly laid out and detailed survey on the condition and value of your prospective home. It is the most popular survey for anyone buying a home in England and Wales as it will uncover any defects in the property could cost you £1000s to rectify.
Building Survey (previously called a Full Structural Survey)
The Building Survey is the most comprehensive survey and is typically chosen for older or substantially modified properties. It is particularly useful if you plan to renovate or convert the property. It does not include a valuation, unless specifically requested.
A Property Valuation is similar to the Mortgage Valuation carried out on behalf of a lender. Typically this report is chosen by cash purchasers, but this property survey is useful for anyone seeking a formal property valuation,e.g. during a matrimonial dispute, or probate.
What is the best time to get a Home Buyers Survey?
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.
Dealing with problems in the Home Buyers Survey
Any agreements to deal with problems highlighted in the Building 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 solicitor.
The buyer’s Solicitor should obtain written confirmation from the seller’s Solicitor 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 on the purchase price or an ‘allowance’.
Next day bookings usually available
Once we have secured access, which our booking team arrange with the homeowner, your surveyor is normally able to carry out a comprehensive house survey within 2 to 3 days.
Is the Mortgage Valuation Survey actually a survey?
Whether you are planning to buy a large property suffering from clay soil subsidence problems, or a share of freehold apartment, Fridaysmove's highly experienced house surveyors can assist with your move.
Low cost property surveys
With the cost of moving constantly increasing, Fridaysmove aim to keep house surveys affordable, without compromising on quality or detail.