Do I need a survey?

I’ve been asked about surveys so I’m sharing some thoughts on it today!  

What is a survey?

 

This is where a qualified surveyor inspects the property and reports back to you on issues that they identify, such as structural concerns or if major repairs are needed. What they inspect will depend on the type of survey.

 

Is it the same as a mortgage valuation?

 

A survey is not the same as a valuation. The valuation is organised by the lender and the purpose is to inform the lender on the property value and if there are any issues which will impact the value of the property.  This will impact how much they will lend you for your mortgage. 

 

A relative once made an offer on a property but the valuation was lower than the agreed price and so they ended up having to increase their deposit to continue with their purchase.

 

Previously, we tried to buy a property with cladding and when we received the valuation report, the valuer had not given a valuation for the property because they needed confirmation that the cladding did not present a fire risk.  The report was brief and only three pages long.

 

A friend’s valuation was a desktop review so the surveyor didn’t actually go to the property. I’ve also previously been present in a property where the surveyor was valuing the property for the lender and it only took around 10 minutes.  Another friend had a similar experience.

 

For more information on valuations, I used the below links:

 

Which?: Mortgage valuations explained

Reallymoving.com: What is a property valuation

 

RICS: Mortgage valuations

 

Is a survey mandatory?

 

No, it’s optional. However, having a survey will enable you to be more informed about your purchase, have a better idea of potential repair costs and you may want to renegotiate on the price if the repair costs are significant.

 

A relative previously made an offer on a flat which was part of a house and the survey found a number of issues and the estimated repair cost was over £30k. As a result, she withdrew her offer.

 

Did we get a survey?

 

We didn’t because we bought a new build property and we have the NHBC warranty for 10 years.  Also, from the research I did, it was recommended to get a professional snagging inspection for new build properties rather than a survey.  However, this is only our approach and so it’s definitely worth exploring the various types of surveys. During our property search, I did read many articles about surveys because we looked at all properties, not just new build homes.  I’ve included useful links below!

 

HomeOwners Alliance: What sort of survey should I have,  How long does it take to get a survey

 

Zoopla: What survey do I need This website even has links to sample reports for the various types of surveys!

 

RICS: RICS Consumer Guide to Home Surveys

 

The HomeOwners Alliance website also has a page on what to do if problems are identified in the survey.

 

All the best with your property purchase!

 

Jess