What is the purpose of a property survey and why is it important?
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We are aware that moving house can be an expensive process. And when the topic of a property survey is brought up, the thought of shelling out yet another expense could be a tough one to take. It feels amazing when your house offer is approved. But after that comes the chore of having the house surveyed. Given that some surveys are longer and more in-depth than others, it can be tempting to choose the one that is least expensive. But that might not be the best course of action for you or the property. Everything there is to know about a property survey is covered in this article. also explains the significance of property surveys.
However, failing to get your house examined by a qualified chartered surveyor could force you to pay thousands of pounds in unforeseen repairs. The examination will reveal building degradation and previously undiscovered flaws.
If you are looking for a lease extension in the UK, contact us for assistance. Our team of chartered surveyors can help you successfully negotiate your lease extensions or enfranchisement. Give us a call for a consultation today
What is a Property Survey?
A professional chartered surveyor will conduct a property survey. It is a thorough examination of a property’s state. They will often inspect the structure and state of the home you are purchasing or selling. The property is then examined by the surveyor. They will also let you know if the house has any issues.
We explain why we require property surveys and , how to obtain them,
- Negotiation Power – Prior to exchanging contracts once your offer has been accepted on a property, it is crucial to order a survey. Property surveys ought to be carried out during the purchasing process since the data they provide can be a very effective negotiating tool. They will assist you in learning more about the building’s condition and provide you with a potent negotiating tool if faults are discovered, allowing you to convince the seller to reduce the asking price or to make repairs.
Say you are willing to spend a little more than you had planned because you think the house doesn’t require any more maintenance or repairs. A survey will either support or refute this. You should be able to argue for at least some of the building repairs to be deducted from the property’s appraised worth. As an alternative, the seller might consent to make the repairs before your move-in in exchange for full payment. Additionally, in some situations, the asking price may already include these problems and repairs. If done quickly and by experts, surveys can also save time on conflicts and altercations.
- Mindfulness and Deal-breakers – A survey can reveal structural issues or possible issues that you might have missed. And in the long run, this can enable you to save money. It could either convince you not to purchase the home at all or give you evidence to support any demands for improvements or price reductions before buying. It might cost you a significant amount of extra money and put you in a very difficult position if you pay a premium for a house without a survey, move in, and discover that it has a great number of concerns.
Property acquisition can be nerve-wracking and risky, especially if the property will serve as your new residence. Even though the survey’s findings aren’t always good, at least you are fully aware of the risks and expenses involved before proceeding. Additionally, you have the option to cancel the sale if necessary if the survey is conducted before the transaction is finalized, which is typically the case.
- Existing Improvements – The surveyor will often certify that the structures on your property and any other renovations, upgrades, or repairs made at the time of the survey do not contravene any laws or other restrictions.
- Save money in the long term – You will only save money in the long run by identifying flaws and potential structural concerns in the building as soon as possible. Since purchasing a home is typically the single largest investment a person will make, it only makes sense to ensure that your purchase is high-quality and long-lasting.
Who carries out the property survey?
Highly qualified chartered surveyors conduct a property survey to assess the state of your property. An expert in property is a chartered surveyor. They generate a report so you can determine whether it is a wise investment or if there are any issues, such as dampness, structural problems, or anything else, that could provide problems in the future.
Buying the freehold of your property could be very beneficial. However, the process involved in purchasing your freehold is complex and confusing. Leasehold Valuations will guide you and advise you of your best options Feel free to call us at 01753 542984 for a free 10-minute consultation.