Do I really need a home survey?
The short answer is yes. Buying a home, or an investment property, is one of the biggest financial commitments most of us will ever make. A survey gives you confidence to make a decision to purchase with a full picture of what you are buying. It also gives you leverage in negotiations on price – where items need repair or replacement, you can try to negotiate a cheaper sale price based on what the survey has found – professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
Is a mortgage valuation the same a survey?
Absolutely not. A mortgage valuation is produced for a bank or building society, and its purpose is to help them make a decision on whether the property is suitable for lending and, if so, how much they can lend to you. Although you pay for it via your application fees, the contract is between the bank and the surveying firm, not with you: this means that you have no legal reliance upon it, except as a third party. A mortgage valuation will only mention defects that are relevant to a lender and it is not an independent survey – professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
What type of survey should I choose?
RICS Home Surveys are available as Level 1 Survey, Level 2 Survey, and Level 3 Survey.
Level 1 Survey – visual inspection and assessment of condition but no advice
We do not offer Level 1 Surveys as they do not contain advice
Level 2 Survey - detailed visual inspection, assessment of condition, and advice
Many houses are suitable for a Level 2 Survey.
A level 2 survey is the most popular type as it is cost effective and covers most house types. Exceptions would include older timber framed buildings or properties of non-traditional construction.
A level 2 survey is ideal for standard properties with minor alterations so long as they are in apparently reasonable condition. A real “doer upper” generally needs a more detailed level 3 survey.
Examples include:
Simple terraced houses from about 1850 onwards
Houses or bungalows with a single extension or conservatory
Properties that are not listed or in a conservation area
Level 3 Survey - detailed visual inspection, assessment of condition, and detailed advice.
An RICS Level 3 Home Survey is the most detailed of the standard RICS Home Survey products. It is generally more suitable for larger, older, altered or unusual properties, or properties in poor condition. It provides more extensive commentary on the building’s construction, condition and defects than a Level 2 survey.
Any property is suitable for a level 3 survey, but it is best for listed buildings, properties in conservation areas, large complex properties, or properties that have had significant structural alterations such as removal of walls or extensions. As examples of properties we have dealt with:
A 1930s semi with a two storey extension, chimney breasts removed, and a loft conversion
A Victorian terraced house with cellar conversion and loft conversion
A listed former rectory
A modern house built to Passivhaus standards
professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
Can I renegotiate the purchase price after a survey?
Yes, you can and you often should. Once you have the survey report, obtain quotes for any works needed, and then you can negotiate from a position of strength – you are aware of works required and their likely cost. The estate agent will always want to get the best price for their client, but they also want a sale. The estate agent knows their vendor and how flexible they may be on price. You can always ask for a reduction in price. If a vendor will not reduce price, think hard before walking away as you may spend another few months, plus survey and solicitors fees.
We recently helped a client save over £50,000 on the price of a bungalow because of defects uncovered in the Level 2 survey.
professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
How long does a home survey take?
It depends on the property. For a typicial Level 2 survey 2 to 3 hours; for a typical level 3 survey, 3 to 5 hours. The bigger and more complex the property, the longer it takes. From the perspective of a surveyor, we do not finish until we fully understand the house and any defects –professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
Can I speak with the surveyor?
Yes. For all surveys and valuations we will speak with you both before and after the inspection.
What does a surveyor actually inspect?
For a house or bungalow we inspect:
Outside: the garden and grounds; garages and outbuildings; we lift manhole covers to look at drains.
Other services: for electrics, gas, water, oil installations etc – we do a visual inspection, but you will normally need specialist testing;
Outside: we inspect the roof and chimneys – at Rickards Oliver Limited, we use a drone or pole camera to help us with this; we inspect gutters, walls, windows, doors, conservatories, porches, and other external joinery. We look for any signs of structural movement and, if any is seen, we analyse the cracks and distortions to work out why movement is occurring and whether it needs any repairs.
Inside: we inspect the loft (where safe access is available) and we carry ladders for this. We inspect ceilings, walls, floors, kitchens, and bathrooms. We look in all rooms and all accessible areas. We check for dampness and analyse the property to find out why it is occurring and what needs doing to put it right – professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.
Does my house need to be tidy when the surveyor comes?
A tidy house makes the surveyor’s job easier, but we are not coming to judge you or your cleaning routine – we are coming to assess the condition of the house. It is your home, and we will take it as it comes professional opinion by Richard Ballam, FRICS, based on over 25 years in the property industry.