A thorough survey remains one of the most important steps for anyone purchasing residential real estate in the United Kingdom.
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.
A mortgage valuation is almost always compulsory yet it serves the lender rather than providing the buyer with detailed condition advice.
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The report focuses on ensuring the collateral covers the advance and flags solely those problems likely to impact the valuation figure.
It is prudent for buyers to obtain their own survey report rather than relying solely on the lender’s valuation.
Three main levels of RICS Home Survey currently exist and each is designed for different property types and buyer needs.
Level One offers a concise Condition Report that rates elements of the property with an easy-to-understand traffic-light system. The report is intended for conventional dwellings in reasonable repair and deliberately excludes advice on works or a formal valuation.
Level Two commonly called the HomeBuyer Report attracts the greatest number of instructions from private purchasers. It examines the property more thoroughly than Level One and includes advice on defects together with a market valuation and an insurance reinstatement cost. The familiar colour-coded ratings appear yet the accompanying text is fuller enabling purchasers to grasp the significance of each mark.
The most detailed service Level Three the Building Survey is particularly appropriate for older larger or architecturally distinctive homes. It involves a detailed inspection of the structure and fabric and provides extensive advice on defects repairs and maintenance.
The Building Survey does not contain a valuation by default although this element may be commissioned separately. Lenders customarily commission a valuation as a precondition of releasing the mortgage monies. Its purpose is to reassure the mortgagee that the property value supports the proposed loan. Many buyers mistakenly believe the lender valuation is sufficient for their own protection yet it often contains only limited information.
Problems that affect occupation future spending or the decision to buy are more likely to surface in a survey ordered by the purchaser. How much a buyer pays depends on the level of report the characteristics of the property and the surveyor’s pricing approach. The basic Level One option is usually cheapest and the comprehensive Level Three service is more costly owing to the additional inspection time. Most surveyors will discuss the property with the client beforehand so that the most appropriate level can be recommended.
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. On occasion the information contained in the report is sufficient to persuade the purchaser to abandon the transaction.
Choosing the correct survey level and treating the findings seriously can save buyers from unexpected repair bills and future disappointment. A thorough professional survey continues to provide one of the strongest sources of confidence for anyone acquiring residential property in Britain.