Property surveying is a complicated technical field with so much misunderstood jargon that it is easy to get the wrong end of the stick unless you are a Chartered Surveyor yourself. This is why there are so many misconceptions about building surveys amongst the general public. We explore several of the most commonly-held false perceptions amongst homebuyers to replace fiction with the facts.
A mortgage valuation is enough
No it isn’t! You need a building survey even if you have a mortgage valuation. A property valuation is purely for your lender’s benefit. The mortgage valuation is conducted in order to protect the lender by making certain that the property is worth the money being lent to you.
Normally it’s a very limited inspection, usually little more than a box-ticking exercise, sometimes from a short visit where the surveyor may not even take his coat off and often you won’t get a copy. A full property Survey such as the Level 2 RICS HomeBuyer Report or Level 3 RICS Building Survey (‘integral’ survey) on the other hand, is a proprietorial inspection of the property to check its condition on your behalf to protect you and your investment.
It is unnecessary and costly
There are many homebuyers who still think it’s an unnecessary expense. However, if you were buying a car, you’d examine it closely before parting with your money, wouldn’t you? And a house is a far bigger commitment for most of us. It doesn’t cost much, on average £700, but the report could bring to light hidden defects, which would then cost thousands to put right. Or it may bring to light serious defects that may have caused you to reconsider your offer and pay less for the property. Far from being a waste of money, your property survey is similar to having an insurance policy.
Surveys are hard to understand
Another myth is that survey results are deliberately written in an obscure way to protect the surveyor from any legal comebacks if problems are subsequently found that should have been identified in the survey. The independent RICS-accredited Chartered Surveyors in the team don’t operate like that. They meticulously survey every property and produce a robust and comprehensive report concerning the condition of the property written in Plain English. Their objective is to give you easy-to-understand feedback including implications of any deficiencies found so that you have all the information you need to make an intelligent purchase decision.
The surveyors provide an even wider range of standard RICS Home Surveys, including full RICS Building Surveys and focused RICS HomeBuyer Reports, plus a very full range of specialist investigations. Within those standardised terms of service, they structure a standard format of report that uses plain, direct language to make each set of findings, and the implications of those findings, clear to absolutely anyone. You then have an opportunity to discuss the findings with your surveyor.
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If you’re considering the purchase and decide to skip the survey, it could lead you to making the worst financial mistake of your entire life. To ensure the property you are buying is sound, and to guard against any hidden liabilities, an independent home survey may be essential. The surveyors will be happy to advise you on the most
appropriate property survey for your needs, answer any queries you may have and provide you with an instant quote, so please contact us today.
