Buying a house is a major investment, and there are many factors to take into account when purchasing a property. Should you buy a house without fully understanding the condition of the property, you could end up facing significant repair costs down the line.
Having a survey is a vital step in buying a house because it provides you with a comprehensive and detailed inspection of the condition of the building before you end up with unexpected findings later on.
A survey analyses the physical state of the property and assesses potential issues such as structural issues, dampness, the condition of the roof, rot, and more. There are different types of surveys such as the Valuation Survey, Homebuyer Survey and Full Structural Survey:
Valuation Survey
The mortgage valuation confirms to the lender that the property is worth at least what it is lending you. We would always advise that you have a survey that is more detailed than this basic valuation. Even with new properties, a basic survey is always advisable.
Home Buyers Valuation and Survey Report
This is more detailed than a basic valuation but not as comprehensive as a full structural survey. It will highlight problems with the property such as dampness or subsidence. It includes advice on necessary repairs as well as ongoing maintenance advice.
It will also point out anything that doesn’t meet current building regulations. This level of survey will be non-intrusive so the surveyor will not look behind furniture or under floorboards and they’ll only be able to identify ‘surface-level’ problems.
Full Structural Survey
This survey ought to reveal the true state and condition of the property, however, this is not always the case, and we would advise you to always check the small print of the survey for any exclusions.
These types of surveys are advisable if the property is over, say, 80 years old, of high value, in poor condition or if you have plans to alter the property structurally. You can ask for the report to include projected costs and timings for any repair work.
How much does a property survey cost?
The cost of a survey depends on several factors, such as the size of the property and its location.
The most basic type of survey, which is typically used for modern properties in good condition, ranges from £250 to £450. A Full Structural Survey, a more comprehensive survey that is designed for older properties or properties in need of renovation, ranges from £500 to £1,000.
Keep in mind that the cost of a survey is just a small fraction of the overall cost of purchasing a property, and the benefits of knowing exactly what you are purchasing can far outweigh the cost.
What are the Advantages of Having a Survey?
Ensure You are Paying a Fair Price for the Property
By having a survey, you may have the opportunity to renegotiate the price of the property based on any problems that are identified. For example, if the survey reveals that the property has damp issues, you can use this information to negotiate a lower price with the seller or ask them to carry out the necessary repairs before you proceed with the purchase.
The team at Scott Rees and Co Solicitors can assist you in negotiating the terms of your purchase based on the results of the survey.
Understand the Local Area and Restrictions
A survey can also make you aware of any planning restrictions or other legal requirements that may affect the property. It can highlight nearby listed buildings, protected areas, and rights of way near your new home. It will also help identify factors like flood risk and proximity to potential red flags such as noisy roads.
This information can help you make an informed decision about the property and whether it is the right choice for you family, your lifestyle, and priorities.
Negotiating the Terms of Your Mortgage
A survey can also be useful in negotiating the terms of your mortgage. If the survey reveals that there are problems with the property, a lender may require that these problems be addressed before they will provide a mortgage. In some cases, a lender may even require that the purchase price be adjusted to reflect the cost of repairing any problems that are identified.
Save Money in the Long Run
A survey could help save you money in the long run. By identifying problems with the property early on, you can avoid costly repairs down the line.
For example, if the survey reveals that the property has issues with the roof, you can take action to repair it before it becomes more of problem, which could potentially save you thousands of pounds in repair costs.
Why Choose Scott Rees and Co Solicitors for Your Conveyancing Needs
There are many factors to keep in mind when buying a property, so it’s very important to work with a conveyancing solicitor that is knowledgeable and supportive. Our team can help you prepare for all eventualities, work out the costs, and handle all the legal work on your behalf.
At Scott Rees and Co Solicitors in Newton-le-Willows, we have a team of experienced conveyancing solicitors who are committed to providing you with the best possible service. Our solicitors will guide you through every step of the conveyancing process, from negotiating the purchase to completing the sale.
Start your conveyancing enquiry here or try our conveyancing calculator.