Types of Property Surveys? and Do I Need One?

Offer submitted and accepted... pop open the bottle of champagne? Not quite yet! 

Caveat emptor – 'let the buyer beware' - is a phrase that couldn't be more pertinent when buying property. 

Once you complete on a purchase, the last thing you want is to discover your new property is concealing nightmares behind every nook and cranny. 

Having put your savings towards the deposit, legal and mortgage fees, and furnishings, you don't want to be spending even more on repair bills that might have been avoidable. 

After having an offer accepted on a property, buyers have the option to organise an independent survey before contracts are exchanged. 

It is not a legal requirement, but without one they might be unaware of all manner of costly problems – rising damp, subsidence, a leaking roof, dry rot, and asbestos to name a few. 

A surveyor's job is to inspect the property's condition so that the buyer can move into their new home aware of any potential issues. 

What are the different types of surveys? 

They may seem complicated, but there are four main types:  

- Valuation - Tailored to the bank's lending criteria. This will not give a full in-depth view of the property 

- Condition Report - Quick summary of the property defects, including possible risks but does not include any advice 

- Home Buyers Report - This is the most popular survey according the RICS. Normally recommended if the property is less than 100 years old and gives an overview of where issues are located and makes suggestions on what issues may be) 

- Structural Survey - This is the most comprehensive survey a buyer can chose (also known as a building survey). 'This survey will get into the attic, check behind walls, and look between floors and above ceilings'. Some suggest this is recommended if the property is over 100 years old and if you plan to do structural work immediately after purchase. 

If a surveyor finds issues that will require attention, it might be wise to have a specialist investigate further. 

An asbestos survey, a fire risk assessment or a damp and timber assessment will provide a buyer with a clearer picture, for example. 

Ultimately, the buyer will be in a position where they will need either to investigate further, renegotiate or walk away. 

'Whether a buyer chooses to walk away from a purchase or renegotiate will depend on their tolerance to carrying out the repair works,' says Perris. 

'If a buyer does wish to renegotiate, I would recommend they obtain an estimate of costs to show the vendor's agent. 

'Being open with the issues and showing evidence of the likely repair costs will help negotiations and prevent any thoughts that the buyer is just trying it on.' 

(Source: https://www.thisismoney.co.uk/money/mortgageshome/article-9292285/What-survey-choose-buying-home.html)