Should I have a survey done when buying a house and if so, which one?

Buying a house is the most expensive item most people buy in their lifetime. Once you have found your dream house, it's easy to get caught up in the excitement, regardless of whether it's your first home or your tenth. Along with the excitement and nerves, there can sometimes be a considerable amount of stress as well as the endless paperwork to read and  forms to complete. To ease some of that apprehension, it's important to proceed with caution and seek professional advice.

One particular topic, not discussed often enough is  the subject of surveys. If you are taking a mortgage, then it is often assumed your lender will instruct a surveyor to do a survey. This is not always the case. It is now common practice - depending on the LTV (Loan to value ) ratio - for a lender to carry out either a Drive By or Desk Top valuation and not actually disclose this to the borrower. This leaves the house buyer believing that when they receive their mortgage offer, the lender has had a surveyor go around and carry out a physical inspection. 

For this reason - and many more - I always recommend to instruct a local surveyor to carry out a survey on your behalf; whether you are cash buyer or obtaining a mortgage

If you are taking a mortgage, your lender will carry out a basic valuation - this is not the same as a survey -  on the house you are buying to ensure the property is worth the amount they are lending you and NOT what you are paying for the property.

Remember this survey is for their benefit and not yours. 

I would always recommend getting a private survey done, regardless of the age of the house. A survey on your new property by a qualified RICS professional will flag up any major issues and enable you to make an informed decision about whether to proceed. A Level 2 or 3 survey highlights any defects that may affect the value of the property, or require fixing after you complete. This will enable you to budget for any necessary repairs, or even speak to the estate agent to discuss the agreed price and perhaps renegotiate if the additional work highlighted is unexpected. 

Getting a survey isn't just for older properties, as there have been plenty of well documented instances of new-build properties (both in Cambridge and Soham) with significant defects. Although many of these will be covered by a warranty, some will not, and others may only come to light much later. This can lead to lengthy and costly disputes and possibly affect the sale of the property in the future.

A survey by a qualified surveyor can identify latent defects and help ensure these are dealt with during the builders 'snagging' process and during any warranty period. A client of mine, recently followed my advice and had a "snagging" survey done on a brand new house. There were a number of items highlighted, but the most unexpected and most costly was the garden. The builders had laid the lawn, both front and back, straight onto builder rubble with no topsoil. With the results of the snagging survey, I was able to challenge the builders and get them to make good the lawn at their cost and inconvenience.

There are three main types of survey:

Level 1 - Home Survey :

An RICS Level 1 Home Survey, previously called a ‘Condition Report’, describes the condition of the property, identifies any risks and potential legal issues, and highlights any urgent defects. Typically the lowest-priced survey, it is aimed at conventional properties and newer homes. It will note defects in the property but will generally not provide advice on how to manage those defects. Choose an RICS Level 1 Home Survey if you’re buying a conventional house, flat or bungalow built from common building materials and in good condition.

Level 2 - Home Survey :

Previously called a ‘Home Buyer Report’ or ‘Home Buyers' Survey’, an RICS Level 2 Home Survey is most suitable for conventional properties that are in reasonable condition and are simple in form and layout (for example, a property that does not have multiple alterations or extensions). The report gives you more detailed information about the property, and ideas about future repairs or maintenance that may be required. Level 2 can be a survey only, or a survey and a valuation:

Level 3 - Home Survey

This is the most comprehensive survey report. It was previously known as an ‘RICS Building Survey’. It provides you with an extensive, in-depth analysis of the property’s condition and includes advice on defects, repairs and maintenance options. Choose an RICS Level 3 Home Survey if you’re dealing with a large, older or run-down property, a building that is unusual or altered, or if you’re planning major works.

If you would like further advice or would like details of local surveyors that I recommend, please ring or message me. I do not receive any monetary benefit in making these recommendations. I recommend them based on my own experience and on the quality of their work and service offered .