What is a property survey and why do you need one?
Property surveys are carried out by independent Chartered Surveyors to assess a property’s overall structural condition, general state of repair and current market value. The purpose of these expert building inspections is to identify any property defects and flag up areas of concern, and provide professional recommendations for necessary repairs or refurbishments.
At Peter Barry Surveyors, our experienced team of RICS Chartered Surveyors deliver valuable insights into the condition of the property you are about to invest in. A good property survey should tell you everything your need to know about the fabric of the building, so that you can make an informed purchase decision. Our survey reports are designed to:
- Detect building defects and advise on their scope, severity and urgency, including estimated costs of remedial action
- Act as a valuable tool for helping you negotiate a reduction in the purchase price to account for the cost of remedying the defects found
- Provide you with peace of mind in the event that no major problems are found with the property
What property surveys are available?
The Royal Institution of Chartered Surveyors (RICS) categorise surveys by ‘levels’ ranging from 1 to 3. A level 1 survey is a very basic condition report – we do not offer this type of report as we consider it too basic to be of any use to our clients.
The RICS Level 2 Home Survey is as it suggests a level two survey, which used to be known as a Homebuyers report. It is a cost-effective method of minimising risk by providing buyers with enough information to make a reasoned and informed decision on whether to proceed with their purchase. Elements, both inside and out, are given condition ratings based on a traffic light system and there are further sections highlighting the risks and summarising issues that you should discuss with your legal adviser. The RICS Level 2 Home Survey can be commissioned as a survey and valuation option to include a market valuation and a reinstatement cost assessment, or as a survey only option with no valuation or reinstatement cost assessment.
The RICS Level 3 Home Survey is a level three survey and is a very detailed report, which used to be referred to a Full Structural Survey or Building Survey report. Some restrictions may still exist to avoid the property being damaged but within these limitations, the survey will be complete. The RICS Level 3 Home Survey not only describes the visible defects but considers potential problems caused by hidden flaws, and provides an outline of repair options and the likely consequences of inactivity. This format of report provides the option of requesting estimated costs for the main defects/repairs identified. In addition to the RICS Level 3 Home Survey we can supplement the standard RICS report format with a separate report to provide one or a combination of separate market valuation, reinstatement cost assessment and feasibility report upon any proposed extension or alteration works that you may have in mind.
If you require a bespoke report covering a particular issue or element, we also offer detailed Specific Defects Reports.
As well as property surveys, we can also provide standalone valuation reports for various purposes, including tax planning, matrimonial proceedings and staircasing shared ownership properties.
Why is a survey important?
Which? The Council of Mortgage Lenders and the Building Societies Association advise you to get a survey before buying a property and not just to rely on a valuation. This is to ensure that you fully understand the condition of the building you are about to purchase, as well as the associated costs and repairs it may require in the foreseeable future.
In addition, property surveys can actually save you money. If problems are highlighted that you could not have been aware of when your offer was agreed, you should be able to re-negotiate the sale price to reflect the cost of necessary repairs. Of course, you may decide that you don’t want to buy it at all.
When a mortgage is required to purchase a property, the lender will have their own valuer visit to ensure that their loan is adequately secured. People often confuse this brief valuation report with a survey, but they are very different propositions.
Most mortgage valuations consist of a twenty-minute inspection and a report that, at best, will give you a few lines of general advice, whereas a survey will allow you to enter into the purchase with your eyes open.
FAQs
How much does a property survey cost in London?
The cost of a home survey will depend on the property’s value, its size and location and the level of detail required by the survey. In London, a RICS Level 2 Home Survey report starts from around £600 for an outer London purpose-built flat while a RICS Level 3 Home Survey will typically cost upwards of £900 for an outer London 3 bedroom terraced house and can be substantially more. Every property is different, so please contact us to discuss your purchasing plans and request a quote.
Who pays for a house survey?
An independent property survey is usually commissioned by the buyer during the conveyancing process, i.e., after the offer to buy has been accepted but before contracts are exchanged. It is highly recommended that you protect your investment by consulting the advice of a property expert about the structural condition of the building and other potential issues that could influence the purchasing decision.
What are the risks of buying a house without a survey?
While there is no obligation to have a survey carried out, it would be foolhardy to invest in a property without having a clear understanding of the condition it is in. Without an accurate valuation or knowledge of any defects present, you could be paying more than the property is worth, and be saddled with thousands of pounds in unexpected repair costs after you move in. An independent pre-purchase survey offers protection and can actually save you money.
Why is a survey important? When should you get a Building Survey?
A Level 3 RICS Building Survey (formerly known as a Full Structural Building Survey) is the most comprehensive assessment of the structure and condition of the property offered by the RICS. This is the appropriate depth of investigation recommended for older properties (including period homes and listed buildings), large residences and buildings with a history of alterations, renovation projects and ‘fixer-uppers’, as well as non-standard constructions.
