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Which property survey is right for you?

Happy couple buying home

You may be surprised to hear that roughly four out of five prospective homeowners choose not to have a property survey carried out before exchanging contracts. Unfortunately, it’s a false economy to ‘buy blind’ and the consequences of not getting a survey done can be very costly indeed.

Recent research carried out by Churchill Home Insurance found that 13 million homeowners needed unexpected building work to be carried out after moving into their new home. Damp, subsidence and roof issues were among the main problems that could have been identified by an experienced surveyor. What’s more, not only would a property survey have warned them about the defects but it would have allowed them to factor the remedial work into their budget and use this information to renegotiate the purchase price.

The Royal Institute of Chartered Surveyors (RICS) endorses three levels of property survey: Home Condition Report, HomeBuyer Report and Building Survey. At Able Surveyors, we have a wealth of experience of carrying out all types of property surveys for our clients and are always happy to discuss which of the following surveys would suit your building best:

• A Home Condition Report provides a concise and easy-to-use description of the property, using a traffic light systems to indicate areas of concern and how these should be addressed. It’s a Level 1 survey that gives an overview of the building and will either give you’re the reassurance that everything is fine, or a warning that further investigation is needed. This type of survey is really only recommended for conventionally constructed homes in good condition that are new or nearly new.

• A HomeBuyer Report is a more detailed, mid-range survey that is suitable for most UK residential properties. A surveyor will inspect the visible areas of the property inside and out to assess its general condition, and present the report in a standardised, jargon free format. This typically includes associated utilities, damp levels, timber decay and other apparent faults. Reinstatement costs and a market valuation are not included in the standard report but can be added.

• A Building Survey is recommended for older properties including period homes and listed buildings, as well as unconventional constructions and buildings that require major renovations. The most comprehensive type of survey available, the report will give you a wealth of information about the findings, notes about major and minor defects, estimated costs of repair, maintenance advice and recommendation for further inspection.

A property survey can potentially save homeowners thousands in surprise repairs. The expert eye of a qualified surveyor will be able to spot signs of trouble that they layman simply won’t be able to see. From roof defects to subsidence, damp and timber decay, aging plumbing and electrics and much more, it is essential that you protect what may well be the biggest investment you will ever make.

For more information about the property and surveying services offered by Able Surveyors, or to discuss your particular property purchase, please feel free to get in touch on 01277 651605 or info@ablesurveyors.co.uk.

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Why do you need more than a Mortgage Valuation when buying a home?

Nice houses in Woodford, Essex in the early morning sunlightAccording to RICS (the Royal Institute of Chartered Surveyors), 4 out of 5 house buyers do not commission a property survey before committing to the purchase of a new home. In many cases, this is down to not understanding the benefits of a survey, and/or confusion about the Mortgage Valuation carried out by the bank.

Given that UK sellers are not obliged to disclose any known problems with the property, the onus is on buyers to make sure they are happy with the condition of a building before agreeing to a price. This is known as caveat emptor or “buyer beware” and, while it has certain limitations, it still results in hundreds of sales every year where buyers are unprepared for the amount of work their new house needs.

Here is a brief explanation about why a Mortgage Valuation is not an adequate replacement for a Building Survey.

What is a Mortgage Valuation?

Most lenders require a Mortgage Valuation to be carried out before agreeing to release funds to purchase a home. Simply put, they are making sure that the house is worth enough to recoup their money if you default on your mortgage repayments.

The valuation is done in about five minutes and the surveyor or valuer won’t spend time looking for specific defects. Even if they see any, they are under no obligation to tell anyone other than the lender. This can sometimes lead to a reduced mortgage offer, usually without any clear explanation, leaving you unable to buy your home without really understanding why.

How is a survey better?

If you arrange for a professional survey to be carried out, the surveyor will be specifically looking for defects and reporting their findings back to you. Any issues that may affect your decision to buy the property (or at least prompt you to re-negotiate the purchase price) will be highlighted in a clear, comprehensive document, allowing you to make an informed decision about proceeding.

Depending on the level of survey that you commission, you will also receive advice about the best repair and maintenance options for the property, along with technical information about the building’s construction materials and methods. Most buyers find their report is not only helpful for deciding whether to proceed with their purchase, but as a guide for planning and budgeting repair work when they move in.

In short, having a survey will provide you with a much better idea of the level and cost of any work that is needed to make a house safe and comfortable. Once you have that information, you can decide whether to take the property on, re-negotiate the price or walk away and find something more suitable.

Which survey is best?

The most appropriate survey depends entirely on the type of property you are looking at.

Condition Reports are intended to determine whether new (or nearly new) homes have any significant defects, while Building Surveys cater for old, large or complex properties that may have numerous issues hidden beneath the surface. HomeBuyer Reports are the mid-range option and provide sufficient detail to understand most conventional modern homes.

Take a look at our survey comparison table for a better idea of the differences between surveys. You can also find an example of a Building Survey that we carried out just below the table.

Property investment is a big decision, which is why, at Able Surveyors, we want to help our clients make the most informed decision they can. If you have any questions about property surveys or any of the other services we provide, please get in touch.