Why is a property survey important when buying a London home?

From ascertaining boundary lines to identifying physical and structural flaws, processing mortgage applications, and ensuring peace of mind for the buyer, property surveys play a crucial role in the home-buying journey. There are various types of property surveys that buyers should be aware of when purchasing a home in London.

After going through several property listings and speaking with different sellers and their agents, you may have finally narrowed down on the London residence of your choice. However, even though everything looks good on the surface, there could be hidden pitfalls and potential setbacks coming your way without proper due diligence.

Whether it is a boundary dispute with the neighbouring plot, revealing physical defects in the build quality or getting a fair valuation, property surveys are a valuable blueprint of the property you intend to buy.

What are the different types of property surveys available?

Based on specific parameters such as a property’s age, location, physical condition and asking price, you can opt for different types or levels of home surveys. Based on the level you choose, the surveyor will go in-depth to study and reveal potential caveats you should know about the property as a buyer.

Level 1 survey: This is a basic property survey, also known as a ‘Condition Report’ by the Royal Institute of Chartered Surveyors (RICS), a professional surveying company based in the UK. As the most affordable option, this survey is well-suited for both conventional and new homes, as it reveals the risks of potential legal issues and also highlights pressing physical problems, such as dampness and mould, or issues with the roof, walls, and windows.

Level 2 survey: Formerly known as a ‘Homebuyers Report’, a Level 2 survey is a more detailed report on the structural status of a property, covering accessible parts both inside and outside. It assigns condition ratings to various parts of the building and also guides on repairs and ongoing maintenance issues in the buyer’s best interest. However, both Level 1 and 2 surveys are non-intrusive and may not detect matters beneath the surface.

Level 3 survey: This is also called a “Building Survey” and gives a detailed report on the quality of the building, pointing out potential problems that could come up because of hidden structural flaws. It will also suggest solutions to fix these problems, and it may take longer than the other surveys because it gives more detailed reports. Level 3 surveys are ideal for older or period property purchases that have already undergone extensive repairs or modifications.

When should I get a property survey during the buying process?

Whether it is an investment for earning rental income or buying a UK property to live in, home surveys are a crucial aspect of the buying process. The ideal moment to appoint a surveyor is right after the seller accepts your offer on the property and before the contracts are officially signed. This timely and proactive step can help reveal major flaws in the property and also expedite the mortgage application process.

How do I choose the right surveyor in London?

There are a lot of private surveyors, but it’s best to hire someone from the Residential Property Surveyors Association (RPSA) or someone who is RICS-certified. These are the two most trusted groups of surveyors. Consulting with your estate agent can help you select the right surveyor, based on their local knowledge and expertise in the area. You can also personally compare services and costs to find the right fit for your future property.

While new build London properties purchased directly from the developer are covered by warranties and may not require extensive surveys, a snagging survey to check for construction issues and minor cosmetic faults is still recommended. Especially if you are an overseas investor navigating the London property market as a non-resident buyer, following this simple step can prove to be prudent in the long run.

As a leading London-based estate and lettings agent, Benham and Reeves is at the forefront of helping international property buyers find the right London home in the UK capital. We have 21 branches across London to help you with all your buying, selling, and letting needs. Contact us if you are looking to invest in a London property or need an accurate and free property valuation.