Property survey: Do you need one?

Tuesday 16 July 2013

When purchasing a property, a good and proper survey can easily be overlooked because of cost. However, cost cutting at the early stage of the conveyancing process can lead to substantial hidden costs at a later date.

Why do you need a survey?

When buying a property you need to think ahead. The money spent on a survey could save you thousands of pounds by providing you with the means for negotiating a price reduction, or by making you think twice about buying at all.

However, many buyers are relying only on their mortgage provider’s valuation. Valuations do not include a full inspection. In fact, some valuers do not even visit the property in question.

What survey is right for you?

The most comprehensive survey is a building survey. This is a report that provides a full breakdown of the fabric and condition of the property, followed by a diagnosis of defects and repairs and maintenance advice.

Although you can expect to pay around £1,000 for a survey of this kind it can be well worth paying if it identifies issues which could cost thousands of pounds to rectify.

The survey you require will ultimately depend on the type and location of the property you are purchasing.

How can you find a surveyor?               

It is vital to use a qualified surveyor. Your lender, solicitor or estate agent will be able to recommend one to you.

Be aware that if you are combining a mortgage valuation with a survey you will have to choose from your lender’s approved panel of surveyors.

It is also advisable to use a local surveyor as they will be familiar with the area and common property problems.

What can you do with the survey?

You can use the report as means to renegotiate the purchase price with the seller, especially if you find that you will have to carry out unexpected costly work.

If the seller will not renegotiate, you will need to carefully consider if you can afford to carry out the recommended works and therefore if it is worth proceeding with your purchase.