A property survey is an inspection and report that can help you to better understand the condition of a property and identify any issues it might have.
When you apply for a mortgage, your lender will carry out a valuation survey – this is purely to satisfy the lender that the property represents sufficient security for the loan. This could be desk-based or may involve a drive-by; its scope is limited, and you may not get a copy of the report.
So, it’s advisable for buyers to commission their own survey, particularly in the case of older and period homes. Our home is our biggest investment, so it’s best to be reassured that everything is ok in advance, rather than encountering a nasty surprise when it’s too late. Be sure to use a surveyor accredited by the RICS (Royal Institute of Chartered Surveyors) or the RPSA (Residential Property Surveyors Association).
There are generally three survey options.
The RICS Home Survey – Level 1 is most suited to standard, modern properties. Without going into any detail, it gives a basic overview of the property’s condition and highlights any significant issues.
In most cases, the RICS Home Survey – Level 2 (previously the Homebuyers Report) or the RPSA Home Condition Survey should be adequate. This mid-level survey is suited to most conventional properties in a reasonable condition and evaluates their overall condition and state of repair. It highlights any problems that might affect the property’s value as well as issues such as damp and subsidence, and anything that doesn’t meet current building regulations. It also includes advice on repairs and ongoing maintenance. However, the surveyor doesn’t look under floorboards, etc, so this report identifies surface-level issues only. This costs upward of around £500, depending on the property and its location.
The RICS Home Survey – Level 3 or the RPSA Building Survey, often referred to as a ‘full structural’ survey, is the most comprehensive survey and is most suited to properties over 50 years old, those unusual in design or in a poor condition. Here, the surveyor gets down and dirty in the attic, under floorboards, etc, to conduct a thorough inspection and produces an in-depth analysis of the property’s structure and condition. The Level 3 report is priced from around £700.
If you’d like to discuss this in more detail, call or WhatsApp us on 01392 204800 – we’ll be happy to help.
Join our Q&A with Oliver - if you have any property-related questions, just ask!
