Recent research carried out by the RICS has found that homebuyers in England and Wales are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase.
The findings from this research have identified that a quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase. On average, the bill for these works, such as damp proofing or repairing a roof, came to nearly £2,000, but in some cases this cost was much higher.
A survey can assist buyers in making an informed decision on whether to proceed with purchasing a property. A comprehensive survey will identify potential problems and likely expenditure and in some cases can help in negotiating the purchase price (76 per cent of those questioned in the RICS research agreed that a more comprehensive survey could potentially allow you to negotiate a better deal with the seller).
There are 3 types of property survey:
Mortgage Valuation Report – This is purely an indication of the property’s value for loan purposes, prepared for the lender, not the purchaser. This type of report will not uncover any potential problems and it will not include the buildings condition.
RICS Homebuyer Report– This provides an inspection and report on the property’s condition, plus a valuation.
A Building Survey– This type of survey is more detailed, and may be the best option if the property is Listed, in a bad state of repair, has been significantly altered, or if you are planning a major conversion or renovation.
The RICS recommends undertaking a Homebuyer Report or a Building Survey in addition to the Mortgage Valuation Report.
Julian Davies, EKA Managing Director states:
“A full building survey will provide an assessment of the overall condition of a property, identify problems and provide an estimate of necessary expenditure. This type of survey can be tailored to the individual requirements of the purchaser and we are often asked to provide further advice such as the feasibility of undertaking refurbishment or redevelopment works. Within our survey report we will also any issues that may need to be further investigated by the purchaser’s legal advisors”
Earl Kendrick Associates have specific expertise in surveying prime, residential properties including apartments and freehold houses and we also regularly provide advice in connection with listed buildings, as well as new build schemes.
For further information please contact us on +44 (0) 20 3667 1510
T: 020 3667 1510
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