When you’re buying a house in the UK, one of the key players in the process is the surveyor. But what exactly does a surveyor do? Let’s break it down in simple terms.
There are different types of surveys, and we recommend, as will your conveyancer, that you think about having a survey carried out on any property you are purchasing. It may also be a requirement from your lender if you are taking out a mortgage to buy a property.
Firstly, the surveyor’s role is crucial in ensuring that the property being sold is accurately valued and that its condition is thoroughly assessed. This is important for both the seller and the buyer.
The Valuation Survey
For mortgage lenders, a surveyor often carries out a valuation survey. This is a basic survey that determines the value of a property. The surveyor will look at various factors including the size of the property, its age, its general condition, and the prices of similar properties in the area. It’s usually only mortgage providers who insist on a valuation survey to ensure the property is worth the agreed sales price, as they will be the firm lending the money to pay for it. They want to ensure that they can recoup the cost in case of repossession and that nothing dodgy is going on like money laundering.
The Homebuyer’s Report
Buyers commonly request a Homebuyer’s Report on the advice of their conveyancer and sometimes as part of a mortgage requirement. This is a more detailed survey, assessing the property for any major issues like damp, subsidence, or structural concerns. The surveyor reports their findings to the buyers to assist them in making an informed decision about purchasing the property. Often, the report raises questions for the seller that the conveyancer will put forward. It’s important to note that survey reports can look scary, but that’s because a surveyor must ensure they have told you every tiny detail to protect themselves should something occur they didn’t point out. So, whilst a report can look scary, it most probably isn’t. Ask the surveyor to explain the report in plain English. Ask them to be honest with you about repair costs (if applicable) and ask them bluntly if the property is a good purchase decision. It’s also worth talking to the estate agent about the report as they have good relationships with surveyors and extensive experience of reports so they will be able to help you gain a clear understanding of the report.
The takeaway here is, don’t panic! It’s normal for surveys to have lots of niggles listed, but that doesn’t necessarily mean anything bad.
The Building Survey
In some cases, especially with older or larger properties, a buyer might opt for a Building Survey, again on advice from a conveyancer or required by a lender. This is the most comprehensive type of survey, providing a detailed analysis of the property’s condition. It includes checking the stability of the structure, looking for any potential hazards, and advising on repairs. Knowing about this can help you as a seller anticipate any concerns buyers might have.
In summary, the role of a surveyor in the house-buying process is multifaceted. They help determine the value of a property, provide essential information on its condition, and play a key part in the transaction between you and the seller.