When it comes to buying property, it is more than likely to be one of the most expensive and important purchases you make in your life. Therefore, it is important to try and eliminate as many risks as you can with the property to ensure you are not paying any out-of-pocket repair bills after completion. This should not be confused with the lender’s valuation (this is not a survey).
Therefore, whilst you don’t need to, it is important to arrange a professional survey of the property you are buying to spot any problems that won’t be immediately visible to you. This blog breaks down everything you need to know about house surveys.
What is a house survey?
A house survey is an assessment of a property according to the standards set by the Royal Institution of Chartered Surveyors, known as RICS. A RICS survey can only be carried out by a qualified surveyor or property surveyor. You can pick your own surveyor, but a local one may provide a more valuable area of expertise compared to the needs of your property.
What type of surveys can you get?
There are a number of different house surveys that you can carry out with regard to your property. It is important to understand the different types of surveys available to ensure you are making an informed property purchase. Below is a breakdown of the three levels of RICS surveys, designed for different types of property.
Home Survey (Level 1)
This is the most basic report and provides a short overview of the property’s condition, risks, and urgent defects.
Home Buyer Report (Level 2)
This is also known as the home buyer’s survey or homebuyer report. This takes a more detailed look at the inside and outside of the building and inspects the roof spaces, recording any issues with these items.
Building Survey Report (Level 3)
This is known as the RICS Building Survey and is the most comprehensive survey. This survey involves an in-depth inspection of as much of the property as possible, such as roof spaces, cellars, etc., and the findings are reported in detail. This is the best survey for older or more complex properties.
There may be other types of surveys which you can add to the lender valuation (if applicable).
The importance of a house survey
By going ahead with a house survey, you ensure that your interests are protected. This is because without having the survey, you risk buying a house with problems that might not be visible to you, which could end up costing a lot to put right. This means you run the risk of overpaying for your new home.
The risks of not having a survey?
A lot could go wrong with a property, with the main structure of the building being the biggest issue. While most building standards are reliable in the UK, there are always exceptions. For example, older properties might have defects in the roofs, walls or even the foundations due to subsidence, poor materials, or bad workmanship.
A long-term effect of nearby tree roots can also cause issues to properties that would be costly to fix.
Therefore, if you are not getting a survey, you risk missing an urgent defect in the property. This could result in significant financial repercussions or even affect your safety.
Even smaller problems, such as rotten floorboards or any faulty electrics, can leave homebuyers out of pocket. This highlights the importance of getting a home survey.
Surveys for New Build Properties
Regarding new-build properties, the construction industry in the UK is legally required to meet the standard of Building Regulations set by the National Housebuilding Control Council (NHBC).
If a property has an NHBC certificate (or equivalent), developers can provide reassurance to the buyers that their new home meets the requirements regarding structural safety, fire safety, site preparation, toxic substances, drainage, ventilation, electrical safety, workmanship and materials.
It is recommended for new build homes to have a snagging survey carried out to identify any defects or compliance issues before completing the property transaction.
The snagging survey should ideally be carried out before contracts have been exchanged, as this will give you greater negotiating power with the developer to ensure the issues are addressed before the purchase completes.
While the NHBC certificate instils confidence in buyers, it is recommended to have a RICS Level One survey still, at least for new build properties, so buyers can proceed without worrying that there are any problems.
What issues are found in New Build Homes?
Common defects in new-build properties include cracks in walls, roofing, windows not opening or closing properly and floors that don’t run properly up to walls. Minor issues could be cracks in the surfaces, and a survey would look out for these issues among others.
How Davisons Law can help
For peace of mind and financial security, it is best to arrange a house survey before buying a property (although not a legal requirement).
At Davisons Law, our experienced conveyancing team will guide you through every stage of the home-buying process, ensuring the legal aspects of your purchase are handled efficiently while helping you understand any additional protection, such as a survey, that would be beneficial.
If you are planning to buy a property, get in touch with Davisons Law today.
