Should I Get A Full Structural Survey?
When you buy a 3-bed London flat, in addition to the lender’s valuation (to ensure that their valuation of the property is in line with what you have offered on the property), there are two main types of survey…
a) A homebuyer report.
b) A full structural survey.
In total, there are 4 types of surveys…
These include:
Valuation survey
A valuation survey determines whether the 3-bed flat that you are looking to buy is actually worth what you have agreed (in principle!) in terms of value paid.
This is for the mortgage lender and is a crucial part of the home buying process.
Some of these valuation surveys are carried out purely online, using comparable data.
Some of these valuation surveys are carried out where the 3-bed flat is only inspected from the outside.
Some of these valuation surveys are carried out whereby the surveyor will look at the inside of the flat, albeit not in much detail.
The main point with a valuation survey is that the surveyor does not look into any structural issues.
Condition Report
A Condition Report is primarily for newer flats.
It looks into aspects such as the condition of the 3-bed flat, plus details of potential faults.
* Please note that a property valuation is not part of the Condition Report.
This is because the lender that you are using will carry out their own Valuation Report.
Homebuyer Report
A Homebuyer Report looks into all of the information that is provided in the Condition Report, as well as an additional market valuation.
Details in the report include repairs, ongoing costs, maintenance and works, all of which may negatively affect the overall value of the flat in the long run.
Structural Survey
If you are buying a period property or if you are buying a newer 3-bed flat that seems to have structural issues, then a Structural Survey is the best bet.
Details in the Structural Survey includes all of the information that is necessary for you to ultimately decide whether you are going to go ahead with the purchase or not.
The surveyor will inspect the property externally and internally.
As an example, they will inspect the floorboards, the attic, the doors, the basement/ cellar, the walls, the windows, the roof and any external structures such as a garage, etc.
It can show issues with the 3-bed flat and then you can go away and work out how much they would cost…
You could then look to get that money off the asking price.
This is why it is so important to make your offer ‘subject to survey and contract’.
All estate agents will be expecting you to say this or to just use ‘subject to contract’, which has the same meaning in the estate agency world.
“If it is a period property or looks like it potentially has structural issues with it, definitely go for a Structural Survey.”
Remember, that nothing is set in stone until both parties have exchanged contracts, meaning that either party can pull out at any time.
Would I recommend that people get a full structural survey?
Unless it is a new build or an incredibly new 3-bed flat, then generally I would.
It will cost you in the region of £1,500 and is worth every penny because of the amount of detail that it goes into.
Of course you do not need to get any kind of survey done on your flat.
Those that don’t have one carried out usually regret it because they find out that there are so many things wrong with their new home (if only minor issues) that are a nuisance as well as the odd large pile of work that needs to be done.
In short, definitely get a survey carried out…
If your property is newer, you can quite comfortably go for a Homebuyer Report.
If it is a period 3-bed property or looks like it potentially has structural issues with it, definitely go for a Structural Survey.