Buying a property is one of the biggest financial commitments most people will make. Yet many buyers rely solely on the estate agent’s particulars or mortgage valuation before committing to the purchase.
A RICS Home Survey, commonly recommended by competent legal advisors; provides something different: an independent assessment of the property’s condition before you become legally committed to the purchase.
If you would like to obtain a fixed-fee quotation for a pre-purchase survey, you can use the instant quote feature on our website.
This allows you to quickly obtain a quotation for either a Level 2 Home Survey or Level 3 Home Survey, together with information on our inspection and reporting timescales and how we approach the survey process.
If required, you can also add a property valuation to your survey as part of the pre-purchase service.
What does a RICS Home Survey tell you?
A home survey involves a visual inspection of the property, both internally and externally, to identify defects, maintenance concerns and matters that may require further investigation.
Depending on the level of survey selected, the inspection can consider matters including:
- Roof coverings and visible roof structures
- External walls and finishes
- Windows and doors
- Internal walls, ceilings and floors
- Damp and moisture-related concerns
- Signs of movement or structural defects
- Drainage and rainwater goods
- Alterations and extensions
- General maintenance requirements
The survey gives you a clearer understanding of the condition of the property you are considering buying.
Why is this important before exchange?
A property can look perfectly acceptable during a viewing while still having defects that may prove expensive to remedy.
For example, a survey may identify deteriorated roofing, defective pointing, dampness, timber decay or signs of structural movement.
Knowing about these issues before exchange gives you options.
You may decide to proceed, negotiate the purchase price, ask the seller to address certain matters, obtain specialist investigations or, where the problems are sufficiently serious, reconsider the purchase altogether.
Discovering the same defects after completion gives you considerably fewer options.
Is a mortgage valuation the same as a home survey?
No. A mortgage valuation is primarily undertaken for the lender’s purposes and is not a substitute for an independent condition survey.
A RICS Home Survey is commissioned by you as the purchaser and is intended to provide information about the physical condition of the property.
For any property purchaser, whether you choose to use Stokemont or another surveying firm, we would always recommend appointing your own independent surveyor to inspect the property before you commit to the purchase.
It is important not to rely solely on the lender’s mortgage valuation. The bank’s surveyor is primarily instructed to advise the lender on whether the property provides suitable security for the proposed mortgage, rather than to provide you with a detailed assessment of the building’s condition.
By contrast, a surveyor instructed directly by you has a duty to advise you on the property and help ensure that you are properly informed before proceeding.
A Level 2 Home Survey or Level 3 Home Survey will generally provide a far more comprehensive and detailed review of the property’s condition than a mortgage valuation, highlighting defects, areas of concern and matters that may require further investigation or expenditure.
Is a survey always necessary?
A survey is not legally compulsory when purchasing a property. However, given the financial commitment involved, obtaining independent advice before purchase can be a sensible precaution.
This is particularly relevant where the property is older, altered, extended, unusual in construction or appears to require significant maintenance.
Stokemont’s advice
A home survey should not be viewed simply as another cost associated with buying a property. It is an opportunity to understand what you are actually purchasing before you are committed to it.
At Stokemont, we provide RICS Home Survey Level 2 and Level 3 surveys, with findings clearly explained so that purchasers can make an informed decision.
If you are preparing to purchase a property and would like independent advice on the appropriate survey, contact Stokemont today.
