Before purchasing a house, it is essential to have a survey of your potential new residence carried out. A survey will help you decide whether or not to go forward with the purchase and whether or not you will have to invest additional money into bringing it up to a condition you consider liveable for you and your family.
Wimbledon, Wimbledon Village, Wimbledon Park, and Coombe have a diverse housing stock with many grand, late-Victorian and early-Edwardian properties. While these stunning homes are some of the most sought-after properties in the UK, potential buyers should also be aware of the additional risks and costs of buying older houses.
There is a greater chance that repair work will be required with an older property than with newer properties. A comprehensive property survey could save you a considerable amount of money in the long run.
In this article, we look at your options in terms of the various property surveys you can have and whether or not they may be the right kind you need to commission for the particular property type you are buying in Wimbledon.
A house survey is an inspection of the property’s condition and is completed by an expert, qualified surveyor. The surveyor inspects the property and produces a report on different aspects of the state of the property.
It guarantees that you will have some recourse if anything goes wrong with the building in the future, which the survey hasn’t picked up.
Surveyors should be members of one of the two accrediting bodies:
House surveys come in three different levels, with variations in the cost depending on how in-depth you want the survey to be. The three types of house survey are:
Which of the three main types of house survey is appropriate for your purposes will depend on the age, condition and price of your prospective purchase. For instance, a new build property with a 10-year warranty won’t need an in-depth house survey. Read on for a more detailed explanation of each type of property survey.
The RICS Home Survey – Level 1 was previously called a Condition Report. This is the most basic level of survey and uses a traffic light system to highlight any possible legal issues, urgent defects and risks. You will find it is often used for fairly new homes, which aren’t expected to have any problems with structural work or dampness etc. No valuation is provided.
Suitable for: Properties that were built recently and are clearly in good condition.
Cost: Price starts at around £300 for a Condition Survey
Previously known as a Homebuyer Report, the RICS Level 2 Survey highlights the main problems with a property, but it often comes with a caveat limiting the surveyor’s liability. It is not an in-depth survey but is far more thorough than a condition report. In it, you will find:
Suitable for: Homes in reasonable condition built within the last 50 years.
Cost: £400 to £1,000
The most detailed report, the RICS Home Survey Level 3 (previously known as a Building Survey and before that, referred to as a ‘full structural survey’), covers both external and internal issues.
In addition to issues covered in the earlier two surveys, it will also look at the likes of invasive weeds and inform the buyer what will happen if they don’t attend to certain repairs (in addition to the cost of the repairs).
A RICS Home Survey Level 3/RPSA Building Survey is bespoke to the particular property (i.e. there is no template). The surveyor will also be happy to look at anything the potential buyer has asked them to research.
The survey will highlight areas such as:
This level of survey involves an in-depth investigation of a property’s condition, which means it can take up to a day to complete, and it may be two weeks before you receive your final report.
However, it may well be worth the wait. A Building Survey can uncover any structural problems that would otherwise be missed by digging deeper into the property’s current state and history.
Suitable for: Older properties and those which have been substantially renovated or which you know require substantial work.
Cost: This house survey typically costs around £650 and can reach as much as £2,000 for larger properties.
According to RICS, around one in five house buyers don’t bother getting a survey before they buy a property and rely on the mortgage valuation supplied by their mortgage provider.
Buyers will remain unaware of issues or defects. So, unless you purchase a new-build home with an extended warranty, you are always advised to commission a professional survey.
The average cost of a property in Wimbledon Village is more than £1.3 million and over £4 million for a detached property. You would imagine that such a major purchase would come with extensive legal protection, but this usually isn’t the case. The Consumer Rights Act, which requires any product or service to be of satisfactory quality and fit for purpose, does not apply to the sale of houses.
The property may look stunning on the surface, but it is not always easy to judge whether there are unseen structural problems that even the vendor may not know.
If something goes wrong further down the line, and the new home requires unexpected and extensive repairs, there may not be much you can do. For this reason, we strongly recommend every buyer to commission a professional property survey before exchanging contracts.
If you’re buying a new build home, you will need a different type of survey. A snagging survey is an independent inspection, which you can commission before you buy a new property. The results will enable you to insist that the developers fix any faults quickly and within your warranty period. The price for a snagging survey usually starts from around £350, depending on the size and type of property.
A house survey report will nearly always find some issues. If possible, try to accompany your surveyor during the visit (it doesn’t do any harm to ask). You may get more information if you are present during the survey. You will also get a better understanding of the report in general.
Always ask the person selling the property if a guarantee covers the problems identified in the house survey. If not, your surveyor should be able to give you an idea of how much it will cost to fix.
If there are major works, it is a good idea to ask a builder to provide you with a quote. You can then use these estimates to negotiate with your seller on reducing the property’s purchase price. Either that or ask that they resolve the problems before you complete the sale.
As each level of survey involves a different amount of work, the length of time varies depending on your chosen survey. The RICS Home Survey Level 1 inspection usually lasts around an hour, while the Level 2 Survey takes 1-4 hours. The Level 3 Survey can take up to 8 hours for a thorough structural survey.
Once the surveyor leaves the property, they will need to write the report, so if the surveyor is busy, it could take a few weeks to receive the report.
When you are buying a home and preparing to pay upwards of £1 million for a property, you need to ensure that your investment is sound by thoroughly checking the condition of the property. A comprehensive survey could save you significant money in the long run. The survey will identify expensive repairs that could turn your dream home into a lousy investment, allowing you to look for a different property instead.
However, if your heart is set on a specific property, you can use the findings in the survey to negotiate a price reduction on the property. For example, if the survey reveals that repairs estimated at £15,000 are required, you can try to negotiate a decrease in the price of this amount.
The Royal Institution of Chartered Surveyors (RICS) and the Residential Property Surveyors Association (RPSA) are the professional bodies for property surveyors. Both organisations will have a list of members you can contact in your location. You can find these through the organisation’s registered members list on their website. Alternatively, you can contact their admin by phone or email.
Before securing a surveyor, it is worth obtaining a quote from around three. That way, you will get a rough idea of what you can expect for your money and find a typical price for the survey type you are considering. It’s also good to ask for house surveys from previous clients to assess their reporting style and whether it’s as detailed as you want.
Your mortgage lender or estate agent will be able to recommend a surveyor, but you should always research to ensure you are getting the best deal possible.
The buyer is responsible for arranging the survey once an offer has been accepted. The mortgage lender or estate agent may recommend which type of survey is most suitable.
The length it takes to complete on a property purchase will depend on whether there are any issues discovered in the survey that need to be rectified. Typically, it will take around 4 to 12 weeks to complete after the survey.
The time it takes for a house survey depends on the survey you choose and the size of the property. It ranges from 1 hour for a Level 1 Survey on a smaller property to 8 hours for a thorough Level 3 Survey.
The biggest red flags in surveys are major structural issues such as wide cracks in walls, bowing walls or sloping floors that could be a sign of subsidence or issues with the foundations of the property.
No, a house survey does not include testing for asbestos, but the surveyor may recommend an asbestos survey if they think that materials in the property may contain asbestos.
No, it is not a legal requirement to have a house survey, but it is a big financial risk to take if you do not have one, particularly for older properties or properties that are in poor condition. Buying a house survey is an inspection of the property condition, carried out by a qualified surveyor.
House survey costs range from around £300 for a Level 1 Survey on a smaller property, up to £2,000 for a Level 3 Survey on a larger property.
At Robert Holmes estate agents, we specialise in properties in Wimbledon Village, Kingston, Coombe and surrounding areas of south west London. If you are considering buying a home locally, we can offer expert advice on the type of home survey you will need and other issues connected with buying and selling. Call the team today.
Let us know what you are looking for in your new home and we will tailor our search to your requirements.
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