What Survey Do I Need?
Either is that you’re buying a new build, whether is a house or a flat, either you are opting for an existing property or a new build, you want to be sure that once you move in, you are not going to have a considerable bill to address for issues which weren’t spotted on your view. Usually, this occurs due to the misconception of a valuation being a survey and because no survey has been carried over before exchange of contracts.
Next, we are going to look at what a survey is, what type of property surveys are out there, what is included within these, where you can find a good surveyor and how to get the most out of your chosen survey.
The short answer is: ” A survey is a detailed inspection of a property’s condition at that specific time”. Of course, there are different types of surveys and will vary depending on dwelling type, complexity, size, age, type of construction and location. During a survey, a chartered surveyor will highlight any major repairs or alterations occurred previously or if there are any structural problems (of course is subject to what can be seen and assessed without an invasive inspection).
The most comprehensive survey, Level 3 – Building Survey, will provide expert details of the issues, remediation work and potential estimates (we always recommend getting 2 or 3 quotes from specific trades when comes to estimates, this way you are sure you are getting the most competitive price).
|
SURVEY TYPE (Survey comparison guide) | Valuation |
RICS Level 1 (Condition Report) |
RICS Level 2 (HomeBuyer Report) |
RICS Level 3 (Building Survey) |
|---|---|---|---|---|
SUITABLE FOR: | ||||
Conventionally built, modern properties in a satisfactory condition | ||||
Buildings that have been significantly extended or altered | NOT SUITABLE | NOT SUITABLE | ||
Unique or historic building | NOT SUITABLE | NOT SUITABLE | ||
Properties in a neglected condition | NOT SUITABLE | NOT SUITABLE | ||
Independent assessment on property condition | NOT SUITABLE | |||
Property investors or home buyers who want to negotiate the purchase price and avoid unexpected repairs after completion (*If alterations or extensions have been carried out, we recommend only L3) | NOT SUITABLE | NOT SUITABLE | ||
Vendors wanting to prepare for sale by assessing their property condition (and value) | NOT SUITABLE | NOT SUITABLE | NOT SUITABLE |
Probably the main reason for why most buyers are getting deceived about the necessity of carrying out a survey is due to the mortgage valuation.
The misconception is that when a professional goes to the address (in most cases a mortgage pack includes a valuation survey, either that means you need to pay separately or not) to assess if the property “reaches” the value of the loan, the buyer thinks that the surveyor looked in details for any potential problems.
If you think about it, some lenders are throwing in a “free” evaluation of the property if you pick their mortgage pack which means that to most likely they have already an establish relationship with a surveying practice and as any business, their aim is to maximize their profits. So, why would they pay for a comprehensive survey when all they need is to ensure that the property is in a saleable condition and is reflects the loan value (you would pick the lowest level of service also if that fits the purpose).
Currently, a survey is not mandatory by law which means that is an option for most of the buyers.
However, one of the latest consumer survey (from thisismoney.co.uk) found that only 20% of the buyers are instructing a surveyor before making the purchase despite the fact that any potential negative findings could be used to re-negotiate a lower price. In their case study, an owner spent more than £30,000 to fix missed dry rot.
If you look at the value for your money, when you consider that you will spend just a couple of hundreds of pounds to have the reassurance of an independent, expert professional opinion on your hundred of thousands new property condition.
We always recommend getting as many informations you can about that product (do your own research and get professional help if is available) before you negotiate the price for it. Always take an informed decision, especially when comes to spending thousands, hundred of thousands of pounds.
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- Fully qualified RICS professional surveyor
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- Clear, precise and easy to understand report
Choosing the correct type of survey is probably the most difficult part for a buyer, especially if is a first time buyer. Probably the best way to approach this is to consider the property age, size and location.
Even if you are not sure at this stage, do not worry. Any reliable surveyor will walk you through the process of choosing the correct survey on initial call.
However, to give some clarity, most surveying practices will sell different levels of surveys, as follows:
- Condition Report – Level 1 survey – is the most basic survey offered and often is used for relatively new buildings which are in a good condition, with no apparent defect and with a traceable maintenance record.
- HomeBuyer Report – Level 2 survey – is probably the most common survey and usually is suitable for more conventional design and construction properties. Are not older than 50 – 70 years old and are in a reasonable condition.
- Building Survey – Level 3 survey – is the most comprehensive survey you can get and is better suited for properties older than 50 – 70 years old or any age (to be honest) if the dwelling suffered major extensions or alterations or are build using a non-traditional method of construction.
If you want to read about the differences between L2 and L3 surveys please read our guide: “HomeBuyer Report Vs Building Survey“.
Lately, some media trusts covered different perspective when comes to complaints about new build conditions and workmanship standards. We highly recommend a professional snagging survey to be carried out before exchange.
A snagging survey will provide you with a list of defects that needs to be fixed before moving in. This way you will have a professional point of view to take back to the developer for remediation. Of course, is assumed that the developer will let the surveyor on-site, which often they refuse to do so, in which case the snagging survey is carried out after you move in. Any potential remediation work required is covered by the warranty.
Probably you have heard about the NHQB (New Homes Quality Body) as being an independent body created by UK Government as a reactive measure to the increase number of complaints regarding the new builds. Along with the New Homes Ombudsman Service, the goal here is to drive new-build quality and strengthen protection for the buyers.
Whenever comes to pick a service or a product, we always encourage our subscribers to get at least 2 – 3 quotes for local companies and compare. Maybe you would ask, why needs to be local? Well, in surveying case, normally a local surveyor will have better knowledge of any potential particular issues due to property location, history of the area (for example, if used to be a mining area) or property characteristics. Also, we would advise to go for an independent, local professional as they would not have an interest with your lender, estate agent, mortgage lender, etc.
If you want to read more about what you should look for when you choose a surveyor, please use our “How To Find A Surveyor And Choose A Great One?” guide.
Written by Danil P.
5th Nov 2021 (Last updated on 10th May 2023)
6 minute read
