When buying a home there are often what seems like an overwhelmingly long tick list of things to do. One question many clients come to our expert conveyancing team at AFG with is:
‘Do I need a survey if I’m buying a home?’
A survey will tell you more information about a property’s condition and anything that may potentially affect its value in the future – from minor concerns to significant structural issues. This information then helps you to make a final decision about whether to continue with purchasing the property, whether further negotiations on price are required, or if there are problems which you want the seller to fix before you purchase the property. Sometimes, if there are significant problems revealed in the survey, buyers will make the difficult decision not to proceed with the purchase.
Whilst surveys are not mandatory when purchasing a property, and it is up to individual buyers whether to have one done, it is always advisable to get a better idea of what condition the property is in. It is, however, worth noting that surveys are not free and it is up to the individual buyer to pay the costs.
Are surveys the same as mortgage valuations?
During a mortgage valuation, a lender will assess the value of the property being purchased to determine if it is suitable security for the loan applied for. The valuation is only for the benefit of a lender, not the buyer, to reassure the lender that the property is worth the amount they are lending. Getting a mortgage valuation is a necessary part of the application process for a mortgage – there is no cost, but you will not get a copy of the report as the buyer.
The three types of survey buyers can choose from
A surveyor is an independent professional – a RICS surveyor – whose job it is to assess the conditions and value of properties. These professionals can provide expert advice and insights into property conditions and values, and reports on this for you to consider during the purchase of a property.
Home Survey Level 1
This survey will provide you with a brief overview of the property’s condition and value. As these are concise surveys with limited information, they are best used when a property is both modern and appears to be in good condition. It is typically the lowest-priced survey of the three options.
Home Survey Level 2
A level 2 survey is a slightly more comprehensive option than a level one survey, providing advice on the levels of ongoing maintenance that the property will require you to invest in the future as well as any potential repairs or restoration required. This survey will also provide a valuation of the property based on the market value as well as a reinstatement sum to help buyers with understanding the insurance required for the property.
This type of survey is recommended for when you are purchasing a property that is in reasonable condition and which is simple in form and layout. This means that there have not been a number of extensions put in, restoration work to the building or alterations made to the buildings structure. As the middle option, the Level 2 Home Survey is the most popular option.
Home Survey Level 3
A level 3 survey is the most comprehensive home survey with the RICS. This type of survey is recommended if the property being purchased is older, more complex in its layout or structure, or is going to be renovated. As the most in-depth survey that can be done, the level 3 survey will include report information on the external condition and construction of the property as well as internal conditions – such as walls, fireplaces, insulation, floors – and any further issues such as environmental or legal issues. Legal issues may include information such as building or planning regulations.
So, do I need a survey if I’m buying a home?
Whilst surveys are not a mandatory element of the property purchasing process, getting one is strongly recommended to help you better understand and be better informed over the property’s condition. A survey can also help you avoid potentially costly issues further down the line – such as needing to spend thousands on roof repairs unexpectedly. Choosing the right type of survey will depend on the property’s age, condition, layout, and whether any major work has previously been done on it.
When should I get a survey done?
If you decide to go ahead with getting a survey done on the property being purchased, you should arrange it after the offer has been accepted but before there has been an exchange of contracts. This means that any issues which are identified in the survey can be addressed with the seller and price renegotiations can occur if needed or any required repair work done. Acting promptly with a survey allows you to make informed decisions as a buyer and protect your financial investment.
How Our Solicitors Can Help
AFG Law has a team of specialist Solicitors and conveyancers to assist clients with buying a property. Whether you are looking to buy or sell a property, as independent experts, our residential and commercial property teams are here to help you.
We can effectively assist clients throughout England and Wales and are not bound by location to assist with a property transaction, so please do not hesitate to get in touch with us today for advice or assistance.
To contact one of the residential team, we can be contacted via email at residentialproperty@afglaw.co.uk, or to speak to one of our experts, call 01204 377600.
AFG Law have offices in Manchester, including Stockport, Bolton and Bury. We can also assist clients remotely.