In the British residential market property surveys deliver key details on a dwelling’s condition that help purchasers make informed decisions ahead of exchange.
Chartered surveyors produce the reports in accordance with guidelines issued by the Royal Institution of Chartered Surveyors.
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Familiarity with the distinct survey categories assists individuals in deciding which service offers the appropriate depth of investigation.
While a valuation is standard for mortgage approval it does not replace the more thorough surveys available to purchasers.
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Lenders use the valuation to confirm adequate security for the mortgage and to identify only the most serious concerns affecting worth.
Buyers are strongly advised to commission their own independent survey in addition to any lender valuation.
Three main levels of RICS Home Survey currently exist and each is designed for different property types and buyer needs.
The Condition Report at Level One delivers an elementary summary of the dwelling’s state through a straightforward colour-coded rating. Level One is appropriate for straightforward properties in sound condition without providing remedial guidance or a market value.
The HomeBuyer Report at Level Two continues to be the preferred option for most people buying a house or flat. This survey goes deeper than the basic Condition Report offering guidance on problems plus both a valuation and a rebuild cost for insurance. Although the traffic-light ratings are retained the narrative is more extensive so that buyers can appreciate what each colour means in practice.
The Building Survey at Level Three offers the greatest depth of investigation and is advised for period complex or unusual buildings. Level Three entails close scrutiny of the structure and fabric together with comprehensive recommendations concerning defects repairs and ongoing care.
Valuation figures are omitted from the standard Level Three report but can be incorporated if the buyer asks for them. Mortgage lenders almost always require their own valuation report before they will release funds. Because the valuation is commissioned by the lender its focus remains the security of the advance rather than the buyer’s wider concerns. Purchasers frequently assume the mortgage valuation will meet their needs however the content is usually restricted.
Problems that affect occupation future spending or the decision to buy are more likely to surface in a survey ordered by the purchaser. Fees differ depending on the survey tier selected the dimensions and situation of the dwelling and the charging policy of the practice. Buyers pay less for a Level One report and more for a Level Three survey in line with the depth of investigation undertaken. A preliminary conversation allows the surveyor to suggest the tier that suits the particular property and the client’s concerns.
Once the report is received buyers should review the findings carefully and seek clarification on any points that remain unclear. Significant problems can justify a request for a price reduction or for the vendor to carry out repairs prior to exchange of contracts. There are instances in which survey findings prompt the buyer to walk away from the deal.
The right level of survey combined with careful attention to its conclusions helps avoid costly surprises and dissatisfaction after moving in. The decision to obtain a suitable survey ultimately contributes significantly to a buyer’s sense of security when entering the UK property market.