If, like most people you are funding the purchase of your new home with a mortgage, your lender will likely want to satisfy themselves that your home provides them with financial security should you default.
Nowadays lenders use a variety of methods to this, they may undertake an Automated Valuation Model (AVM) where a computer program checks your purchase price. They may ask a surveyor to undertake a Desktop Valuation where your purchase price is checked by a surveyor using a computer many miles away, or they may request a more traditional valuation inspection.
It is important to consider that even if your lender requests a Surveyor physically inspect the property, they are not checking for your benefit. They are looking at the house as loan security. Now consider the size of your deposit; if your new house needs a new roof costing £5,000, but you are putting down a 10% deposit at £30,000 there is a good chance that your lender wouldn’t be overly worried about this.
In your lender’s eyes; in the worst case scenario, if they have to sell your property they can afford to sell it for £30,000 less than your purchase price, the cost of a new roof may be irrelevant to them. This is why instructing your own independent survey undertaken by an experienced Chartered Surveyor is only sensible course of action when buying a new house.
What happens during a house survey depends on the level of survey you have requested. At Torus Chartered Surveyors we offer three types of pre-purchase property survey:
- RICS Condition Report(1 – 2 hours inspection)
- RICS HomeBuyer Report(2 – 3 hours inspection)
- RICS Building Survey(3 – 6 hours inspection)
You can see from the estimated length of time taken that a RICS Building Survey is the most in-depth option, whereas a RICS Condition Report is a less comprehensive check.
During a condition report, A surveyor will inspect the property inside and out. The roof space is inspected from an access hatch if it is safe to do so, the loft would not be entered. The covers to the inspection chambers of the underground drains are not lifted. Underfloor voids are not inspected. The services are visually inspected.
During a HomeBuyer Report the inspection and report is more detailed than a condition report but less detailed than a building survey. A surveyor will inspect the property inside and out. The roof space is entered and fully inspected if it is safe to do so. Where feasible the covers to the inspection chambers of the underground drains are lifted.
An inverted head and shoulders inspection is undertaken of underfloor voids where possible. The services are visually inspected. The report can also contain a Market Valuation and Insurance Reinstatement figure for an additional fee. The report will focus on matters that may affect the value of the property if they are not addressed.
If you opt for the most comprehensive RICS Building Survey, the surveyor will conduct a detailed visual and structural inspection of the property. The roof space is entered and fully inspected if it is safe to do so. Where feasible the covers to the inspection chambers of the underground drains are lifted and seen in operation. Underfloor voids are fully inspected where possible and safe. The services are visually inspected and seen in every day use where the owners consent is given.
What to expect in a house survey
In all cases, Torus Chartered Surveyors provide a personable approach. We encourage our customers to speak to our surveyors directly and ask any questions you might have about the inspection process.
We make sure you have access to our surveyors by telephone both before and after the physical inspection, so you get end-to-end service from us.
No matter what level of survey you choose, you’ll also get a written report of our findings.
- A RICS Condition Report will include reports on main elements like floors, walls and roofs, and any significant defects.
- A RICS HomeBuyer Report can include a market valuation (please ask for this in advance) and advice on any major maintenance that is likely in the future.
- A RICS Building Survey, formally called a Full Structural Survey, is the most detailed type of pre purchase survey we offer.
If you would like to know more or have any more questions about the differences between property surveys and what to expect on the day, please get in touch by calling 0161 929 7892 or info@house-survey.co.uk. All enquiries are welcome and one of a friendly and helpful staff are waiting to help.