Knowing what you’re getting for your money is important for every purchase, and even more so when buying property- the biggest purchase many of us will probably ever make. Whether you’re buying a home, a rental or a property investment, understanding the condition of the building should be your priority if you want to avoid unexpected costs.
Even if you are arranging a mortgage, you should still have a structural survey as the mortgage valuation survey is not the same. A basic mortgage valuation is exactly that – a valuation of the worth of the property to protect the mortgage lender’s investment. A structural survey will uncover any hidden issues that could cost thousands to fix, enabling you to make an informed decision or give you the basis to potentially negotiate the purchase price.
Choosing the right survey
The most common survey types are:
- RICS Level 2 Survey.This provides a general overview of the property’s condition, identifying the defects and maintenance issues that can visibly be seen.
- RICS Level 3 Survey.This one is also sometimes called a Building Survey and is the most comprehensive survey offered by an RICS surveyor. Generally, this is the survey best suited to older properties or ones that have had significant alterations, to assess if the work has been done properly. This survey will give you a detailed assessment of the property’s overall condition. If potential structural issues are suspected, a structural engineer will complete a structural survey to fully assess the problem and make recommendations.
What is a structural survey?
A structural survey is the best way to purchase a property if you want to be of any existing or potential structural problems before you commit to buy. It must be carried out by a qualified structural engineer who will make a detailed assessment of a property’s structural integrity, focusing on areas such as:
- Foundations
- Load-bearing walls
- Roof structure
- Floors
- Ceilings
- Structural movement
- Cracking
- Damp
- Previous structural alterations
Is a mortgage valuation enough?
For the reasons mentioned above, if you’re looking for peace of mind about the structural integrity of your property purchase, then no. A mortgage valuation is to demonstrate to the mortgage lender that in the event there was a default on the mortgage, the property provides sufficient security to cover the mortgage borrowed. Commissioning a structural survey is the only way to discover the true condition of the property, understand any risks involved, and have a clear idea of the kind of work you should expect to carry out.
What kind of problems does a structural survey identify?
A structural survey will pick up the things you can and can’t see. When viewing a property, sellers may try to disguise any issues with a fresh coat of paint, new flooring or recently completed renovations, but a structural survey will uncover these and more:
- Subsidence
- Settlement
- Structural movement
- Wall cracks
- Bowing walls
- Roof spread
- Timber defects
- Foundation problems
- Chimney instability
- Structural damage caused by water ingress
- Poor-quality structural alterations
- Inadequate support following the removal of internal walls
If any of these problems exist in the property you’re looking to buy, you’ll have the decision whether to renegotiate, proceed or withdraw.
For obvious reasons, older properties benefit most from having a structural survey as there’s every chance that a property built several decades ago will have experienced natural settlement, ageing materials, or undergone previous extensions and alterations, and these will need to be assessed. Even if the property is modern but has been significantly extended or converted, you’ll want to be reassured that works were carried out correctly and are well supported.
A cost that could save you a lot of money!
Buying property is very expensive, and you’ll want to protect your budget. A structural survey may not be cheap, but there’s every chance it will save you more money in the long run.
If structural issues are found before you exchange on your property purchase, it gives you the opportunity to:
- Renegotiate the purchase price
- Ask the seller to complete repairs
- Budget accurately for future work
- Decide not to proceed if the defects are bigger than you want to take on
Whatever the outcome, you can proceed confidently to exchange and completion.
When’s the right time
When your offer has been accepted is the time to instruct your survey before exchanging contracts, allowing enough time to get the survey completed, review the findings and organise quotations for any recommended work. Time to discuss any concerns with the seller is highly valuable.
How DSA can help
DSA is an established structural engineering company operating across the UK, with great expertise in residential properties. Committed to working collaboratively with clients, they’ll make sure you understand any defects clearly, consider if they are cosmetic or structural, and then how they can be overcome using practical solutions. Theirs is an easy-to-understand report which may also be useful when discussing repairs with solicitors, mortgage lenders or the property’s seller.
Don’t leave anything to chance
It’s easy to fall in love with a property at first viewing, and there’s every chance it is the right house for you, but instructing the right survey is an important, practical step to discover any hidden structural issues before it’s too late.
If you’re in the process of buying a property, contact DSA Civil & Structural Design Engineers at dsagroup.co.uk.