Do I need a survey?

A survey will help you to make a reasoned and informed
decision on whether to go ahead with buying a property.

Before you decide to commit yourself legally, you can limit the risks by asking a Chartered Surveyor to answer the following questions for you.

• What is a reasonable price to pay for the property?

• Are there any serious or urgent defects or specific risks
with the property?

Arranging your own survey is the simple, cost-effective way
to avoid unpleasant, and perhaps expensive, surprises after moving in.

Do I need my own survey if I already have a mortgage valuation report?

Even if you are obtaining a mortgage and, as a result, may be paying for a mortgage valuation report, it is still recommend that you arrange an independent survey. Both the Consumers’ Association ‘Which?’ magazine and the Council of Mortgage Lenders give this advice. The reason for this is that the mortgage valuation report is prepared for your lender – not for you, the borrower.

It answers only the lender’s questions about whether the property offers suitable security for your loan. You cannot rely on it to answer the questions that concern your personal interests or to give you details of the condition of the property. Also, some lenders do not provide a copy of their mortgage valuation report.

What choice of surveys do I have?

Royal Institution of Chartered Surveyors surveyors offer two forms of survey that are specifically designed to help home buyers. These are a building survey and the Royal Institution of Chartered Surveyors Home Buyer Service.

A Building Survey

A customised service suitable for all residential properties and gives full details of their construction and condition. You are likely to need this type of survey if, for example, the property is unusually built or run-down, if the property has been significantly altered, or if you are planning a major conversion or renovation.

Building surveys are usually tailored to your needs. The report includes detailed technical information on materials and construction,as well as details of the whole range of defects.

If you have a particular requirement that you would like the surveyor to consider, you should discuss this with the surveyor before they provide you with the service.

The Royal Institution of Chartered Surveyors Home Buyer report

The RICS HomeBuyer Service includes an inspection, a report and a valuation. The Royal Institution of Chartered Surveyors HomeBuyer report is a standard format, and is different to a building survey in three main ways.

1. It is designed for particular types of home. These are houses, bungalows and flats that:- are of a traditional type and construction;
and - are apparently in reasonable condition.

2. It identifies what the surveyor considers to be the most important issues. By applying condition ratings to elements of the building,
the services and any garages and permanent outbuildings, the surveyor will tell you whether defects are serious or urgent.

3. It also includes the surveyor’s opinion of the market value and reinstatement cost (which you will need for insurance purposes). It focuses on matters that, in the surveyor’s opinion, may affect the value
of the property if they are not dealt with.

Any defects that the surveyor considers do not need repairing or replacing, or any minor matters that do not affect the value of the property, are generally not included in the report.