Information About Surveys

As a trusted provider of conveyancing services to our clients one of the questions I am asked most frequently is ‘Should I have a survey? And if so which type is best for me?’

MORTGAGE LENDER SURVEY

When you buy a property with a mortgage you will be asked to pay a survey fee to the lender. This can be quite a hefty amount but it doesn’t necessarily mean that the lender will undertake a physical survey of the property. It is true that many lenders still employ a surveyor to visit the property and give it the once over BUT the purpose of the lender’s survey is to check whether the property is correctly valued – not what the structural state is. Some lenders do not carry out a physical survey but instead rely on an ADV (automated desk top valuation) which means they compare property prices using software to come up with the value for the property you want to buy.

The fact is that whether the lender carries out a physical survey or not, you as the buyer, cannot rely upon that survey should things go wrong.

HOME BUYERS SURVEY

This is the ‘middle of the road’ type of survey, more than a lender survey but not a full structural survey. Expect to pay in the region of £500. Ensure that the surveyor you appoint is a member of RICS (The Royal Institute of Chartered Surveyors). Your surveyor will attend the property; they will spend a couple of hours checking the basic structure of the property and will provide you with a written report on their findings.

FULL STRUCTURAL SURVEY

Your appointed surveyor will spend several hours at the property and will check the structure, the roof, the foundations and much more. Expect to pay at least £1,000. They will provide you with a written report and often photographs.

WHAT IS NOT COVERED BY A SURVEY

Your surveyor will not test the electrics, the plumbing, timber and damp, gas installations or oil installations. These installations need specialist inspection and your surveyor will usually recommend that you ask a specialist to attend the property and give a report if the surveyor suspects that there might be a problem.

WHAT HAPPENS IF YOUR PROPERTY RECEIVES A BAD SURVEY?

Provided you have had the survey done before exchange of contracts – which most buyers do – you can either choose to withdraw from the purchase or you can use your survey results to re-negotiate the price with the Seller to allow for any remedial work that the survey has revealed.

WHAT CAN YOU DO IF YOUR SURVEYOR HAS BEEN NEGLIGENT

Provided your surveyor is a member of the RICS they operate strict rules of compliance and professional standards. The RICS offer a Dispute Resolution Service (DRS) so if you have a problem you can report it to them and rely upon them to help you sort it out.

CMS can provide you with a free, online quotation for your chosen survey. Our partners provide Home Buyer and Structural Surveys, Lease Extension, Lease Enfranchisement Surveys and Commercial Surveys.