Residential Real Estate
When you purchase a property the principle of “caveat emptor” (let the buyer beware!) applies. We would therefore always advise any prospective purchaser of a property to have a survey prior to exchange of contracts in order that they can discover any physical defects that the property may have. After exchange of contracts it is too late!
Although the cost of a survey can seem high this is money well spent – would you want to purchase a property that on the face of it looked perfect – then you found it was subsiding after completion?
Also if the survey does bring up physical defects you may be able to renegotiate the price with the seller to take account of the repairs that will be required.
There are three main types of survey:-
- The basic valuation – this is the simplest and cheapest survey that can be carried out and merely establishes the property’s value on the open market. Mortgagees will normally carry out this survey before they agree to lend on the property.
- Home buyers valuation and survey report – this is more detailed than a basic valuation but is not as extensive as a full structural survey. Typically the surveyor will not inspect unexposed or inaccessible areas such as the roof space or below floorboards. These surveys can often be carried out by the lender’s surveyor instead of the basic valuation survey and may mean that you only incur one fee.
- Full structural survey – this is the most comprehensive survey you can have and should reveal any problems in the property. This is the best survey to have especially if you are purchasing an old property or you are planning any alterations.
We can give you details of local surveyors in order that you can carry out the survey and would strongly recommend that you do this. If you would like more information please contact us.