A Home Buyers Survey should be an important step of the home-buying process.
It is very important that a prospective buyer has a Home Buyers Survey carried out so an informed decision can be made as to whether the property is worth the money being paid for it.
Structural or Building Survey
Property Solicitors recommend that surveys are carried out by a buyer, and if a solicitor does not advise their client of the need for a survey there could be negligence issues.
Fridaysmove adopt the same approach in that we recommend buyers to obtain a survey before they commit to buying a property. A structural or a full Building Survey is an extensive report including details concerning the structure of the building including the walls, windows, evidence of damp, and structural works to the property, for example, the removal of a chimney breast.
The Building Survey will also comment on matters such as whether the property appears to suffer from rot infestation or the size of a tree in the garden and whether it poses as a risk to the property. It is an exhaustive report which highlights problem areas and provides recommendations and advice on how best to deal with the problems.
Home Buyer’s Report
Fridaysmove have partnered with the leading RICS Chartered Surveyors in the UK to provide a highly competitive service for the provision of a HomeBuyers Reports.
These reports are suitable for properties which are less than 100 years old and that have not been substantially altered or added to. All parts of the property that can be reasonably accessed are inspected.
Some mistakenly believe that a mortgage valuation is the same as a Home Buyers Survey.
A mortgage valuation is only a few pages long, and does NOT provide a survey or report on the actual condition of the property.
The valuation will give you details of when the property was built, the type of property it is, (i.e. terraced, bungalow, etc. ) and whether there have been any alterations to the property e.g. a loft conversion. It may also comment to some degree on matters such as damp or timber infestation. It may also recommend a retention is made by the lender, in the event the valuer believes works need to be carried out before the full mortgage monies can be released. A mortgage valuation report is intended for the lender only for them to see whether the valuer believes the property has been valued correctly. It is not for the purchaser to rely on and so a separate Home Buyers Survey should always be obtained.
What if the Home Buyers Survey highlights extensive problems?
A property may appear to be in satisfactory condition but an in depth inspection by a qualified survey can reveal defects. If extensive works are required to remedy these defects then the buyer may be able to negotiate a reduction in the purchase price. In the most extreme cases the buyer may wish to pull out of the purchase altogether on the basis of the results of the survey.
Fridaysmove Home Buyers Surveys
Fridaysmove are able to offer surveys since they have formed a partnership with the UK’s best Qualified RICS Surveyors.
Get a Home Buyers Survey Quote directly from our website for a survey on your property.
You can either obtain a HomeBuyer Report (suitable for properties that are not more than 100 years old and have not had any substantial alterations) or you can have a comprehensive Building Survey carried out.
These are more in depth survey reports and should be carried out where the property is old and has been substantially altered.