When purchasing a house, the proper checks, inspections, and surveys must be completed. This helps to ensure there are no hidden issues with the property so the buyer isn’t left with a major financial problem after completion.
When hiring Manchester conveyancing solicitors, they’ll ensure that a range of inspections and surveys are done on the property while they complete the conveyancing process.
But, what role do surveys play in the entire conveyancing process? How important are they during a property transaction, and what are they?
Read on to find out.
What are conveyancing surveys?
A conveyancing survey is a property check completed by a professional. They will look very closely at the property and determine if there is any damage in terms of dampness, structural issues like unstable walls, an unsafe chimney chute, and more.
They compile all of the information in a report that’s sent back to the buyer’s conveyancing solicitor, who will inform their client if anything needs addressing.
Are surveys the same as property searches?
Simply put, no. Surveys and searches are different types of checks conducted on a property during the conveyancing process.
Searches are related to the legal and planning side of the process, such as flood risks, access rights, and whether the property is affected by planned future developments. Meanwhile, surveys focus on the property’s condition.
Both are extremely important as they give a full picture of what the buyer is purchasing.
What are the different types of conveyancing surveys?
The conveyancing process involves a variety of different survey types, each looking at different aspects of a property. The different types of conveyancing surveys are:
- Mortgage Valuation Survey
- RICS Home Survey Level 1
- RICS Home Survey Level 2
- RICS Home Survey Level 3 (Building Survey)
Mortgage Valuation Survey
This survey is a simple check by your lender who ensures the property’s value is good for the mortgage and looks at the state of the property to check if it can be sold again to meet the rules of the loan.
RICS Home Survey Level 1
This survey is an overall look at the property and checks the areas that you can easily see. The Level 1 survey aims to find any issues that either need fixing or require a more detailed inspection.
RICS Home Survey Level 2
The RICS Level 2 survey takes a much deeper look at the property, both inside and out. The surveyor conducting this type of survey will find and explain any current or future issues that will either result in an immediate fix or further inspection.
RICS Home Survey Level 3
The Level 3 survey is the most in-depth property check. It takes a detailed look at the building’s structure, water, and heating systems, visible problems, and more. For anybody purchasing an older property, this is a preferred survey as there is potential for more issues beneath the surface.
Why do you need a conveyancing survey?
A survey is important for anybody buying or selling a home and they’re especially reassuring for first-time buyers who have never been through the process before.
A house survey offers peace of mind and helps everybody involved make important decisions. Because a survey could uncover hidden problems, it could lower the value of the property or require expensive repairs – which puts doubt into the property transaction. If a survey discovers an unknown issue with the property, the buyer can negotiate a new price for the property or discuss the repairs with the seller, who could complete them before the sale goes through.
Summary
If you’ve found the house of your dreams, the mortgage application has been accepted, and you’ve agreed on a price with the seller, it’s time for you to start the conveyancing process.
As mentioned above, it’s important you now conduct surveys on the property to ensure you’re not stuck with a major financial burden upon completion.
Hopefully, our guide has fully explained the situation. If you need professionals to conduct the entire process, consider Manchester conveyancing solicitors.
