Navigating Property Surveys in the UK: A Homebuyer's Guide
Enter your postcode to get instant access to information about a property.
Embarking on a property purchase in the UK? You're about to encounter one of the most crucial steps in the process: the property survey. It's not just a box to tick; it's your crystal ball into the future of your potential home. Let's dive into the world of UK property surveys and look at why you really shouldn’t skip this step.
Frequently Asked Questions
What is a Property Survey?
If you’re about to spend a substantial sum of money on a property, you want to know if it's secretly falling apart, right? That's where a property survey comes in. It's like an MOT for buildings conducted by a surveyor who knows exactly what to look for. They'll examine the property thoroughly and look at areas that you might not see or even consider when viewing the place, and then hand you a report that could save you from a world of trouble (and expense) down the line.
Why Bother with a Survey?
Let's face it, buying a property is probably the biggest purchase you'll ever make. A survey is your insurance policy against nasty surprises. The chances are you know someone who decided to skip on a property survey to save a bit of cash, only to discover the roof was one strong gust of wind away from becoming a skylight which then resulted in an eye-watering repair bill. A survey might have saved them thousands and a lot of headaches.
Survey Types and National Variations
Across the UK there are slightly different rules when it comes to surveys and buying property in general. So let's break it down a bit:
Level 1 Home Survey (Previously Called a Condition Report)
Generally the lowest cost option for a home survey, this is quick, to the point, and tells you if there are any major issues that need to be dealt with.
If you're in the market for a new-build or relatively new property and are pretty confident that any issues will be minimal, then this is a good choice.
This survey is usually presented in an easy to digest traffic light format. Green for ‘good’, red for ‘not so much.’
Level 2 Home Survey (Previously Called a Home Buyer Report or Home Buyers’ Survey)
This is the most popular choice of survey, striking the balance between detail and cost.
If the property you’re looking at has seen its share of owners, but isn’t falling apart, this is typically the best option.
You'll get a detailed report on any major and minor issues, plus repairs that will likely need to be carried out. This survey also includes a valuation, which can further help you save a bit of money.
Level 3 Home Survey
This is the most in-depth option, leaving no stone unturned and no floorboard unchecked.
If you're brave enough to take on a fixer-upper project or a property old enough to have witnessed the reign of Queen Victoria, then this survey is the one you should go for.
Expect a novel-length report detailing everything from the state of the chimney to the life expectancy of the guttering. It's comprehensive, to say the least.
Although the priciest of the three, you’ll certainly get your money’s worth with this survey, and if any issues are found, it’s still far cheaper than any unexpected repairs.
Home Report
The Home Report only applies to property purchases in Scotland and is required by law to be sent to all prospective buyers free of charge.
These are generally sent once you register your interest in a property through the estate agent, who will send a copy of the Home Report via email at the time you request a viewing or more information. If you prefer a hard copy, the estate agent will provide you with this.
Home Reports use a numbered scale between 1-3 to outline any known or potential issues within the property before any offer is made. This allows buyers to negotiate certain repairs to be carried out before completion of a sale or ask for a reduction in the price of the property.
Category 1 means no repair is needed, 2 means there is a potential for repair in the future, and 3 means that something is in need of immediate repair or investigation.
In most Home Reports, you’ll find a mix of 1 and 2, which is generally expected by most lenders.
If you’re looking for more information about the differences and legal requirements across the UK, this post covers it in detail.
Choosing Your Survey: It's Not as Daunting as it Seems
When choosing the type of survey to have, the main thing to consider is the property itself. Consider the age of the property and the current condition of the property.
A newer flat might only need a Level 1 Survey, while that quirky 18th-century cottage is typically more likely to need a thorough investigation.
While it’s a good idea to protect yourself from future expense by getting a survey, there’s also no point in spending more than you have to.
The Bottom Line
A property survey might seem like just another expense in the already pricey process of buying a home. But in reality, it's an investment in your peace of mind. It's the difference between moving into your dream home and stepping into a money pit.