Why a Survey is Essential for Prospective Buyers: The Answer You Need to Hear

When acting for prospective purchasers, we are often asked, “Do I really need a survey?” The answer is a resounding “Yes.”

It is reported that the average time a person spends viewing a property before making an offer is around 20 minutes.

To ensure you are making an informed decision before purchasing the most expensive asset of your life, it is always wise to obtain a survey.

Although a survey is not a legal requirement, it provides a detailed assessment of a property’s current condition and can identify potential issues that might not be immediately visible. The results of the survey may influence your decision to proceed with the purchase, renegotiate the price, or request repairs prior to completion.

What type of survey should I get?

There are four main types of surveys:

Lender Valuation: A valuation commissioned by a mortgage lender (if you are buying with a mortgage) to check that the property is adequate security for the loan. This is not a building survey and will not provide detailed information about the condition of the property or reveal physical defects. You may be provided with a copy of the valuation but cannot rely upon it, as it will have been carried out purely for the benefit of your lender. Often, a valuer will not actually visit the property before the valuation report is produced.
Level 1 Survey: Provides a basic overview of the property, carried out by a qualified surveyor, who will describe the condition of the property and flag any obvious risks but will not carry out detailed inspections or tests. It will not usually provide advice about future repair and maintenance issues. This type of survey is usually only appropriate for newly built, modern, conventionally built properties in good condition.
Level 2 Survey (HomeBuyer Report): The most popular type of survey. It provides a more detailed inspection, identifying specific problems and necessary repairs. Ideal for standard properties in reasonable condition. It will not include any structural tests or advice on future repairs/maintenance.
Level 3 Survey (Full Structural Survey): Delivers a comprehensive analysis of the structure and condition of the property, including potential defects and maintenance advice. Recommended for older, larger, or uniquely constructed properties, as well as those in poor condition.

Benefits of Conducting a Survey:

Identifying Hidden Issues: Surveys can uncover problems such as spray foam insulation, roof issues, potential structural defects, dampness, or timber and other infestations that may not be apparent during a casual viewing.
Financial Protection: Discovering significant issues before finalising a purchase allows you to negotiate the price or request that the seller address any problems, potentially saving substantial amounts in future repairs.
Informed Decision-Making: A survey equips you with detailed knowledge about the condition of the property, enabling you to make a well-informed decision before proceeding with the purchase.

In summary

While not a legal requirement, obtaining a survey when buying a house in England and Wales is strongly recommended. It provides essential insights into the condition of a property, helping you avoid unforeseen expenses and ensuring that your investment is sound.

Are you looking for professional solicitors to help you with buying or selling a house? Our team of experienced property conveyancing solicitors can provide expert guidance and support.

We can help you navigate each step with confidence and will work tirelessly to ensure a smooth process. To learn more about how our solicitors can help, please get in touch with our friendly team today on 01329 822 333

Residential Conveyancing Solicitors