Do I Need A Survey?
Before you commit to purchasing a property it is always highly recommended that you have a survey completed.
A survey is carried out prior to your offer being accepted and is designed to help you make an informed decision about your purchase. Purchasing a property is a big expense, so it can be tempting to cut corners when you see the costs mounting up. However, the seller is not under obligation to disclose any defects the property may have, so having a survey undertaken will help to highlight any physical issues there may be with the property.
The results of the survey will help you decide how much you want to pay for it and budget for any work that may need to be completed on the property. This may even save you money in the long run, as any evidence of defects with the property can help you to negotiate on price or insist they are fixed prior to completion.
The age and condition of the property you are purchasing will influence the type of survey you need and your solicitor will be on hand to advise you on the most suitable survey.
The three main types of survey are:
• Condition report
• HomeBuyer’s report (formerly the HomeBuyer’s Survey)
• Building survey
A survey is different to a valuation, which is carried out by your mortgage lender in order to confirm that the property you are purchasing is sufficient security in return for your loan.
In addition to having a survey completed, it is recommended that purchasers instruct a professional to examine the property’s electrical and heating/boiler systems prior to exchanging contracts.