Buying a house is a big commitment, and many factors need careful consideration to ensure a smooth and informed purchase. One critical aspect is understanding the property’s condition. Without a thorough understanding, you could face substantial repair costs in the future.
Why Property Surveys Are Essential
A survey is a vital step in buying a house as it provides an inspection of the property’s condition. This helps avoid unexpected issues later on. Surveys analyse the physical state of the property and identify potential problems such as structural issues, dampness, roof conditions, rot, and more.
Types of Property Surveys
Valuation Survey
A mortgage valuation confirms to the lender that the property is worth at least the loan amount. However, we recommend a more detailed survey than this basic valuation, even for new properties.
Home Buyers Valuation and Survey Report
This survey is more detailed than a basic valuation but not as comprehensive as a full structural survey. It highlights issues such as dampness or subsidence and provides advice on necessary repairs and ongoing maintenance. It will also indicate any non-compliance with current building regulations. This non-intrusive survey identifies surface-level problems without looking behind furniture or under floorboards.
Full Structural Survey
A full structural survey reveals the property’s true state and condition. However, it’s crucial to check the survey’s small print for any exclusions. This survey is recommended for properties over 80 years old, of high value, in poor condition, or if you plan to make structural alterations. You can request the report to include projected costs and timelines for any repair work.
Cost of Property Surveys
Survey costs vary based on the property’s size and location. A basic survey for modern properties in good condition ranges from £250 to £450. A full structural survey for older or renovation-needed properties ranges from £500 to £1,000. The survey cost is a small fraction of the overall property purchase cost, and knowing exactly what you’re buying can far outweigh the cost.
Advantages of Having a Survey
Ensure You Pay a Fair Property Price
A survey can provide an opportunity to renegotiate the property’s price based on identified issues. For example, if damp issues are found, you can negotiate a lower price or request the seller to carry out necessary repairs before proceeding.
Understand Local Area and Restrictions
A survey can reveal planning restrictions, legal requirements, nearby listed buildings, protected areas, and rights of way. It also helps identify factors like flood risk and proximity to potential red flags such as noisy roads, helping you in making an informed decision about the property.
Negotiate Mortgage Terms
A survey can be useful in negotiating mortgage terms. Lenders may require identified problems to be addressed before providing a mortgage. Sometimes, the purchase price might need adjustment to reflect repair costs.
Save Money in the Long Run
Early identification of property issues through a survey can prevent costly repairs later. For instance, if roof problems are identified, repairing them promptly can save thousands in potential future costs.
Why Choose DMA Law for Your Conveyancing Needs
Navigating buying a new property involves many considerations, so working with a knowledgeable and supportive conveyancing solicitor is crucial. At DMA Law, our experienced conveyancing solicitors are committed to providing the best possible service.
We guide you through every step of the process, from negotiating the purchase to completing the sale, helping you prepare for all eventualities, calculate costs, and handle all legal work on your behalf.
Choose DMA Law for your conveyancing needs and ensure a smooth, informed, and successful property transaction.
