What is the risk of buying a house without a survey? Here's what you need to know
If you're buying a house, you'll know there are a few additional costs beyond the purchase price. In addition to stamp duty and legal fees, you may have to pay mortgage fees, removal fees, and surveyors' fees. There maybe no surprise that some buyers cut corners and wonder if they need a survey when buying a house.
The short answer is yes! It is for many reasons that we think you should complete a survey, and at Carpenter Surveyors we are confident you will be delighted with the results!
Exactly what is a property survey?
The property's condition is thoroughly examined by a RICS regulated Surveyor who will check for subsidence, damp, dry rot, wet rot, a leaky roof, cracked walls, woodworm, rotten window frames, dangerous wiring, asbestos, and invasive plants. Before you commit to buying a property, you will have in-depth information about its condition, from structural problems to minor snags like chipped paint.
In light of the information in the professional report, you may be able to negotiate the price or request that the vendor fix any problems before you move in. In any case, you will know exactly what you are buying before your removal van arrives, which will give you peace of mind.
Can I buy a house without a survey?
Yes! It's legal to buy a house without a survey, but it's not recommended. Mortgage lenders and/or insurers may also require evidence of a survey before lending money or extending coverage in certain circumstances.
When buying a home, why is it important to get a survey?
A survey gives you detailed information about the property you're considering buying. In the event of no problems, you can confidently proceed, and in the event of problems, you have three options:
Withdraw from the sale
Proceed with the sale with a budget for future expenses in mind
Recommend that the vendor fix issues/reduce the price according to the surveyor's findings.
These are some reasons why buyers think they can skip the house survey:
As far as I am concerned, the house looks fine?
Having passed numerous exams and years of experience, our Surveyors are able to detect problems that may be difficult to notice. Is it possible to be sure there is no woodworm in structural beams of a house that appears in pristine condition? How do you distinguish cosmetic cracks from signs of subsidence? Are you able to identify the Japanese knotweed in the garden? It will put your mind at ease to have a professional create an official report.
We can't afford a survey
You could save money in the long run by investing in a house survey, which will cost you just a fraction of your house price. An expert survey carried out by a trusted professional could save thousands of pounds in future repairs.
A survey has already been conducted by my mortgage lender
Mortgage valuations are different from property surveys. Lenders use it to assess their risk. The valuation only determines whether they can sell the property if necessary to recoup their money. Their only focus is on the external aspects of the situation (sometimes without visiting in person) and they are unlikely to find any underlying problems.
It is my solicitor's responsibility to discover any problems
If there are any reported problems on the site or in the local area, it is important that your solicitor/conveyancer conducts searches with local authorities. It will not be possible for them to inspect the fabric of the building in fine detail.
Due to the fact that the house is just a few years old, there will be no problems?
Taking this risk is not worth it. There is a lower chance of structural problems in a newer home... but it does happen. The cost of rectifying mistakes or shortcuts may be high. You might not require a Level 3 survey, you might choose a less expensive option to ensure the safety of your property and your purchase.
When buying a home, what survey should I get?
The following three levels of surveys are available when buying a home:
Level 1: RICS Home Condition Report
For properties that are conventional and newer, where no issues are expected.
Under 100 years old, in reasonable condition.
We suggest this option if you have a large, old, unusual, or in poor condition property, or if you are planning to make drastic changes yourself. We also provide Heritage Surveys too!
With a survey from Carpenter Surveyors, you can be sure you won't overpay while getting peace of mind. Founded in 1988, our success is based on a number of sound principles, including a strong belief in the role of the independent Chartered Surveyor, a clear understanding of our clients' needs, and their right to receive structured, personal, yet professional advice.
We place a high value on the quality of our personnel, which we constantly strive to improve through an on-going training and development program. In addition, we use state-of-the-art technology when it comes to information, reporting and to enhance the quality of our surveys.
Contact Carpenter Surveyors
A house purchase without a survey is always risky. A little expense at this stage could save you thousands in the long run, preventing anxiety and ensuring you're making a sound investment.
For more information on house surveys, to book a survey, or for advice on which survey is most appropriate for a specific property, please get in touch.
You can also request a quote here.