UK buyers rely on professional surveys to uncover potential issues within a property and thereby protect their investment during the acquisition stage.
These reports are prepared by qualified surveyors who follow standards set by the Royal Institution of Chartered Surveyors.
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Knowing the various survey tiers enables purchasers to select the level that best matches their needs and financial constraints.
While a valuation is standard for mortgage approval it does not replace the more thorough surveys available to purchasers.
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The valuation primarily confirms that the property is worth the amount being borrowed and highlights only major issues that could affect value.
It is prudent for buyers to obtain their own survey report rather than relying solely on the lender’s valuation.
Under the present RICS system buyers can choose from three survey levels suited to different dwellings and individual circumstances.
Level One offers a concise Condition Report that rates elements of the property with an easy-to-understand traffic-light system. It is best suited to conventional properties in good condition and does not include advice on repairs or a valuation.
The HomeBuyer Report at Level Two continues to be the preferred option for most people buying a house or flat. It examines the property more thoroughly than Level One and includes advice on defects together with a market valuation and an insurance reinstatement cost. Although the traffic-light ratings are retained the narrative is more extensive so that buyers can appreciate what each colour means in practice.
Level Three the Building Survey is the most comprehensive option and is recommended for older larger or non-standard properties. Level Three entails close scrutiny of the structure and fabric together with comprehensive recommendations concerning defects repairs and ongoing care.
Clients who require a valuation alongside the Building Survey must request that additional service. Lenders customarily commission a valuation as a precondition of releasing the mortgage monies. Because the valuation is commissioned by the lender its focus remains the security of the advance rather than the buyer’s wider concerns. Buyers who treat the valuation as a full survey risk overlooking important condition issues that the report does not address.
Problems that affect occupation future spending or the decision to buy are more likely to surface in a survey ordered by the purchaser. Costs fluctuate with survey depth property size geographical location and the individual firm’s fee schedule. Pricing rises from the inexpensive Level One through to the higher-cost Level Three reflecting the increased professional input. Discussing the property in advance enables the surveyor to recommend the survey depth that will prove most useful.
When the survey arrives the buyer needs to study the content and request further detail on any aspect that is not fully understood. Where serious defects appear the purchaser may attempt to renegotiate terms or require the vendor to address the problems before proceeding. In some cases the survey results may lead a buyer to withdraw from the transaction entirely.
Buyers who match the survey depth to the property and respond sensibly to the advice reduce the risk of expensive problems and disappointment. In the end commissioning a qualified survey offers buyers valuable reassurance throughout the UK home-purchase process.