The Residential Property Surveyors Association (RPSA) has launched a new survey to rival those offered by the Royal Institution of Chartered Surveyors (RICS).
Obtaining the right survey is essential when buying a property. It will detail any work that may be required and give you information about the condition and value. Buying a home is an investment and by having a survey you can ensure that your investment is sound.
Currently, there is a range of surveys on offer depending on the type and condition of the property you are buying and the organisation you engage to carry out the survey.
A condition report is suitable for standard properties and newer homes in good condition. Major defects will be pointed out as well as the general condition of the property and any obvious risks.
A homebuyer report is the option many people choose. Again, it is suitable for properties in relatively good condition and will include the same basics as a condition report together with a list of defects and recommendations as to repairs needed. A valuation can also be requested.
A building survey is a more in-depth investigation into a property’s condition with information about maintenance, repairs and defects. It is suitable for older properties, large properties, properties in poor condition, renovation projects and unusual properties.
The new RPSA survey
The RPSA has introduced a new survey based on a single standard of comprehensive inspection. A choice of two reports is available, with the intention of making reporting clearer for consumers.
The survey will have either light or heavy levels of reporting, with both options providing a wide-ranging review of the property’s condition and defects.
Inspectors will report on issues such as damp, rot and subsidence, as well as test taps, toilets and windows. They will also include information about local environmental concerns, flooding, broadband and issues that could affect conveyancing or legal title. Photographs will be included.
Dealing with survey results
Once you have your survey results, you should discuss any issues with your conveyancer. If problems have been identified, you can ask that the seller fix these. The work could potentially be carried out between exchange and completion so that it has been done by the time you move in.
Alternatively, you could obtain quotes from builders or other relevant professionals about the potential cost of repairs and works to remedy defects. Following this you can renegotiate the price of the property to take this into account.
If you are obtaining a mortgage, your lender may also want remedial works carried out as a condition of the mortgage.
Whichever survey you select, you should ensure it is appropriate for the type of property you are buying and your plans for that property. You should also ensure that any issues are properly addressed before completing your purchase to safeguard your investment.
If you are buying or selling a property and would like to speak to one of our expert property lawyers, ring us on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
