I am buying a property, do I need a Survey?

At a time when you are already spending a lot of money, a survey can seem like a big expense. However due to the rule of 'caveat emptor' which stands for ‘buyer beware’ and puts the onus on the buyer to discover any faults in the property, it’s far better to be aware of any issues before you buy a house so that you can make an informed decision about how much you’re willing to pay for it and, if necessary, budget for any repair work that will need doing.

What type of Survey do I need?

You have a number of options:-

1. A valuation commissioned by the lender if you are having a mortgage
2. A ‘Condition Report’
3. A ‘Home Buyer’s Valuation and Survey Report’ if the property is residential
4. A full structural survey

Valuation made by the lender

A valuation will be commissioned by your lender to establish whether the property being purchased will be adequate security for the loan. The report will not necessarily reveal sufficient information about the state of the property to allow you to make a sound judgement as to whether to proceed with the property purchase or not.

Condition Report

This is designed to complement a lender’s valuation. It provided a snapshot of the condition of the property using red, amber and green colour-coding system to rate individual elements of the property.

Home Buyers Valuation and Report

This type of report is more expensive due to its detailed nature. It provides additional advice on the issues that affect the value of the property, a market valuation and insurance reinstatement cost, and advice on repairs and ongoing maintenance requirements. Although this report gives you more insight in comparison to a valuation, it is still quite limited.

Full Survey

This is the most in-depth survey and subsequently the most expensive. The surveyor will be ‘hands on’ and will do things such as check the attic and look under floorboards. You can ask for the report to include projected costs and timings for any repair work. Depending on the size of the property it may take a day to complete.

You should speak to a surveyor who will advise as to what type of survey is needed. 

When you receive your survey, please make sure that you forward it to us so that we can consider the report and raise any enquiries that are required with the seller’s solicitor.

Our Johnson Astills Property Conveyancing Team in Leicester and Loughborough are happy to assist if you are buying or selling a house.

If you require assistance or further information, please contact our Johnson Astills Conveyancing Team on 0116 2554 855 (Leicester), 01509 610 312 (Loughborough).