When buying a property, it is important to conduct a thorough property survey before exchanging contracts. Not only does this allow you to renegotiate the price if any issues are found, but it also gives you the opportunity to back out of the purchase if major concerns such as subsidence or dry rot are identified. It is important to leave enough time for the survey to be conducted, as it can take up to two weeks to receive the report.

Different property surveys

There are four types of property surveys available, each with varying degrees of thoroughness. The type of survey required depends largely on the age of the property. For example, an older property would require a more detailed survey to identify any potential issues. It is worth bearing in mind that while a more detailed survey may be more expensive, unforeseen repairs can end up costing much more in the long run.

The RICS Condition Report is the most basic type of property survey and is suited to relatively new properties that are less than five years old. It provides information on the superficial condition of the property and highlights any potential legal issues. However, it does not give any advice on repair requirements or look at the structure of the property in detail. If you are buying a listed building, a RICS report is even more important.

The RICS HomeBuyer Report is the most popular type of property survey and provides a more detailed look at the structure of the property. It identifies any issues such as damp and subsidence and makes suggestions for necessary repairs. While the surveyor will not check behind furniture or walls, you can combine this survey with the mortgage valuation report for a more comprehensive survey at an additional cost of around £250-650.

If you are buying an older property or planning a renovation, a RICS Building Survey, commonly referred to as a ‘full structural survey,’ may be more appropriate. While this is the most expensive type of survey, costing between £500 and £2,000, it is the most detailed. It involves checking behind walls, between floors, and above ceilings, and provides a clear idea of the structural condition of the property and any work required or recommended. However, it does not usually include a valuation.

A snagging survey is recommended for new builds or newly renovated properties. It is carried out once the work is complete and detects any ‘teething troubles’ with the property, from structural complications to minor glitches such as doors not closing properly. These issues can then be addressed with the builder or developer.

What to do after the building survey goes ahead

If the survey identifies issues that will require work, such as damp proofing, structural repairs, woodworm, or dry rot, you can reconsider your position. It is advisable to seek quotes for the work and attempt to renegotiate the property price to cover some or all of the costs. As another potential buyer may also request similar repairs, negotiating through your solicitor is recommended for a professional and impartial approach.

For more information on what to do after your survey, click here to find out more.

Overall, a property survey is not legally required, but it is highly recommended. By skipping this crucial step, you may be taking a significant risk. Once contracts are exchanged, the property and all its issues become your responsibility, leaving you with no recourse against the seller. It is best to conduct a property survey to ensure that you are fully aware of the state of the property and can make an informed decision.

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