In the dynamic London property market, homebuyer surveys and property valuation surveys play a vital role. These professional assessments equip buyers with valuable insights into a prospective purchase and provide reassurance that their investment is a wise one.
Surveys can be conducted on any type of residential property. To make the most of the process, it’s best to hire a Chartered Building Surveyor with a local focus.
Basics
Whether you are a potential buyer looking to buy a new home or are selling your current property, it is important to be fully informed of the condition of your property, says Blackacre Surveyors London. Getting a professional survey conducted by a Chartered Surveyor is an essential step in this process. Surveys offer detailed information on a property’s condition and identify any immediate or future risks. They also provide a market valuation for the property, allowing you to make informed decisions on your purchase or sale.
Having the right knowledge can help you navigate the buying and selling processes with confidence and avoid expensive surprises down the line. Property surveys are an essential part of any property transaction and are a great investment for both buyers and sellers alike. For buyers, surveys help them verify a potential purchase and ensure mortgage approval, while for sellers, surveys allow them to address issues upfront, speeding up the selling process and instilling confidence in prospective buyers.
There are 3 main types of property survey: a condition report, a homebuyers report and a building survey. Each differs in focus, detail and cost so it’s important to understand the difference between them before choosing a survey type.
The level of survey you choose will depend on the condition and age of the property and your budget. A Level 1 RICS survey, or a Condition Report, is the most basic of surveys and is ideal for relatively new properties in good condition or those under construction. This survey identifies immediate defects, risks and repair requirements using RICS traffic light ratings and provides recommendations for further investigation.
A Level 2 or Homebuyers Survey is more in-depth and provides a more comprehensive overview of the property. Surveyors examine all visible parts of the property and assess the condition of the structure and construction using RICS ‘traffic light’ condition rating. This survey is perfect for older or more complex buildings, non-standard constructions or properties in need of significant renovation.
The most comprehensive of the surveys is a Level 3 or Building Survey, which is recommended for older or more complex buildings, non-standard or altered constructions or those in need of substantial renovation work. Surveyors will conduct a thorough inspection of the entire property and its contents, identifying significant defects and providing technical advice on repairs.
Level 1 Survey
As its name suggests, the level 1 survey is the least comprehensive of the property surveys available. It offers a surface-level assessment of the property to identify issues that need to be addressed, but doesn’t include a valuation, advice on next steps, or cost of repair details. It’s a good option for newer properties, or those that have had minimal maintenance over time.
A RICS-qualified surveyor will examine the visible parts of a property including the structure, external areas, and permanent outbuildings. They’ll also check any drainage and sewage systems, as well as the structure of the roof. The surveyor will then create a report that includes pictures of the property’s condition and any issues they’ve identified. They’ll also provide information on the materials used to construct the property and any urgent problems that need to be addressed immediately.
If your property is a period home or is unusual in its construction, it might require further investigation or a more comprehensive survey. The surveyor will consult with you ahead of the survey and discuss your specific concerns, and then tailor the inspection to address those issues. This approach allows the surveyor to provide a more accurate and in-depth report.
Having this information at your fingertips will allow you to negotiate confidently with the seller or estate agent. It will also help you determine whether the property is worth buying or not. Armed with this knowledge, you’ll have the confidence to ask for a lower price or request that the seller make repairs before you move in.
The Level 2 survey, which was previously known as the Homebuyers report, is a mid-level property survey and suitable for homes of standard construction that are relatively modern. It’s also a good choice for older properties with a history of poor maintenance. The scope of the level 2 survey includes more detailed evaluations of visible structural elements and installations, but it still remains non-invasive. It can include a market valuation to provide additional insights.
The most in-depth of all the property surveys is the Level 3 survey, which was previously called a RICS Building Survey. This is a full structural survey and recommended for unique or older properties where greater insight into the overall condition of a property is essential. This survey goes beyond visual checks and can involve testing for asbestos, examining roof spaces, and checking for any damp or water damage that might be concealed from view.
Level 2 Survey
A level 2 survey is more thorough, with a deeper inspection of the property. This provides buyers with insights that support decision-making, from negotiating the purchase price to prioritizing repair projects. In this type of survey, a building is inspected from the outside and inside, including access to roof spaces and basements. It’s often conducted for potential homebuyers who are considering older properties, those of non-standard construction, or homes that have undergone significant alterations (RICS, 2020).
A surveyor will visually inspect the property and identify any visible major problems like damp or subsidence. They will also look behind furniture and lift up floorboards, although this is less extensive than a full structural survey. The report will contain a condition rating for each element of the property. This is helpful for comparing properties, with a red rating indicating areas that require urgent attention and a green one identifying those in good condition.
In addition to the overall opinion of the property, the surveyor will provide recommendations for future maintenance. For example, if the roof is due for repair or the windows need to be resealed, this information can help you plan ahead and budget accordingly.
Many Level 2 surveys also include a property valuation and an insurance rebuild cost estimate. This can be helpful if you’re purchasing a new-build property and are worried about paying a fair price. It can also be useful if you’re trying to renegotiate the purchase price or secure a mortgage, as it can demonstrate that the property is worth the investment.
A level 2 survey is a great option for new builds and modern homes that appear to be in good condition. It can be more expensive than a level 1 survey, but it offers a greater depth of inspection and more insight into the future maintenance needs of the property. If you’re unsure which survey is best for your property, it’s always recommended to get in touch with a Chartered Surveyor. They will be able to advise you on which survey is right for your property in London.
Level 3 Survey
Whether you are a first-time buyer, moving up the property ladder or downsizing after the children have moved out, buying your next home is one of life’s biggest investments. It’s a big decision and it’s important to have all the facts before you commit. This is where a survey comes in. A professional RICS survey will highlight any issues that may require attention so you can negotiate a price, or avoid wasting money on expensive repairs later.
There are 3 types of survey available from the Royal Institution of Chartered Surveyors: condition report, homebuyers report and full structural survey. Each has different levels of detail and cost, so it’s important to know the difference before you book a survey.
A Level 2 Survey is the most popular option and can be conducted on conventional properties in reasonable condition. It offers a more detailed examination of the property, including damp testing and visual checks for issues like subsidence. It is moderately priced and often includes a market valuation.
While it is not as in-depth as a full structural survey, this type of survey is still very comprehensive and provides valuable insights for buyers. It includes a more detailed inspection of the interior and exterior, including accessible roof spaces and basements. It also covers a range of services, such as plumbing, heating and drainage. A level 3 survey is recommended for older properties or those of non-standard construction, or where extensive alterations or renovations are planned.
In addition to providing detailed inspections of the property, a level 3 survey will often include advice on maintenance and future repair requirements. The survey will identify any areas that need immediate attention, such as a broken drain or water leak, and provide recommendations on how to address them. It will also offer tips on energy efficiency and sustainability, as these are becoming increasingly important to buyers.
Once the survey is complete, you will receive a detailed report with photos and easy-to-understand language. The surveyor will be able to answer any questions you might have, or recommend other specialists if needed.
