Why Have A Survey?
Buying or leasing a property, whether Residential or Commercial, is probably one of the most costly financial decisions that anyone will have to make. It is therefore vital that steps are taken to ensure the decision is the correct one.
You should ensure that the condition of the building you are proposing to buy or lease is a true reflection of how it has been presented. All buildings suffer defects at some stage, it is therefore important that those which may result in later unexpected costly repairs are brought to your attention, before you proceed any further.
What type of survey do you require?
The purchase of most buildings will involve a valuation on behalf of your bank or building society. Such surveys are designed to satisfy the Lender and the amount of the loan is secured in the value of the property. It is dangerous to rely entirely upon this type of survey, as there may be defects which do not affect the mortgage or devalue the property to the extent that the security is prejudiced, they may therefore not be highlighted. A private survey is thus of the upmost importance and we can provide you with three different types shown opposite.
Full Building Survey or RICS Building Survey
This involves a comprehensive inspection of the property. The survey report will describe in detail the method of construction, state of repair and likely future maintenance requirements. It is difficult to generalise because each property is different but in most cases a report will include helpful advice on how to overcome existing difficulties with the building and its services. Usually we recommend our bespoke full building survey, but we also offer the RICS Building Survey format if preferred.
Main Elements Survey
This also involves a comprehensive inspection of the main structure and fabric of the property but ‘non-critical’ components are not inspected. This may be appropriate if you are considering he acquisition of a property which needs upgrading or refurbishment, or where the excluded areas are not important to your decision making.
This may be appropriate where there is a specific concern, for example, cracking or dampness etc, to the walls and an inspection is required to offer a solution to a problem. Often such requests follow a valuation survey where the Building Society or Bank’s valuer identifies a problem in his or her report, and calls for further investigation.