The property survey is one of the most critical stages of the home buying process. Problems found here can make or break the deal. So in this blog, we are going to explore what happens after a survey when buying a house?
We’ll discuss what happens once the survey is complete, your rights and obligations, what options you have for negotiating repairs, and whether you should obtain a second opinion. So if you are a new or experienced buyer in the process of buying a home, this post should make valuable reading.
Once the surveyor has completed the survey they will compile a report detailing the condition of the property. Some surveyors will call you to provide a summary of the results, before sending the full report, while others will simply send the final report for you to read.
The length of the report will depend on the type of survey carried out. There are three types of surveys suitable for home buyers. The right survey for you will depend on the condition and location of the property. Your solicitor/conveyancer should be able to advise the most appropriate survey for your chosen property.
In England and Wales, the seller will NOT receive a copy of the survey unless you choose to share it with them. Even if the survey highlights extensive structural damage you are under no obligation to share information with the seller. It is also forbidden for the surveyor to discuss the report's contents with the seller without the buyer’s consent.
In Scotland, the survey is arranged by the seller not the buyer. In this case, the report will be added to the Home Report along with other information such as the Energy Performance Certificate (EPC) and a Property questionnaire. This report is then available for inspection by the buyer.
A property survey can highlight a wide range of issues from the serious to the not so serious. It is up to the buyer to interpret the results to determine if the property represents good value. Of course, you will have the support of your estate agent and surveyor to guide you.
Common problems found on survey reports include:
The survey will not only identify the issue but will also report on the severity of the problem. In some cases, it may also recommend that you obtain a third-party inspection from a specialist. This is often the case for Japanese Knotweed or rising damp which can be costly to fix and may affect your ability to get a mortgage.
Surveys often highlight problems, that’s what they’re for. So if your survey comes back with a long list of issues, don’t panic. You can rest easy in the knowledge that you identified issues with the property early and you may even be able to use them to negotiate a better deal.
Here are the steps you should take to solve the issues raised:
Your survey may recommend you seek further professional advice for serious problems. But you may want to do this for smaller issues as well. For example, get a quote for replacing missing roof tiles from a qualified roofer. You can then use this as leverage to negotiate a better price.
The survey is the most potent weapon for negotiating a better deal. How much you can knock off will depend on the severity of the issue. That’s why you should always obtain a quote before negotiating. Don’t be greedy though, remember there is strong competition for homes and you may lose out if you negotiate too aggressively.
Sometimes the seller will offer to repair the issues highlighted in the survey before the sale is completed. This can be a good option, but you should ensure this is written into the contract and that the repair is carried out by a professional tradesman. Always take advice from your estate agent when dealing with this issue.
Finally, if all else fails, pull out of the sale. You are not committed to going through with the sale until you have exchanged contracts. So you are perfectly entitled to walk away from the deal without incurring any further costs. It’s better to walk away from a deal than be saddled with a structurally unsound property.
Most home buyers use the information learned from the survey to negotiate a better deal. Here are three tips you can use to help secure a better price on your dream property.
The more information you have about the property, the neighbourhood and the underlying property market the better position you will be able to negotiate a good price. At the very least you should research recent sales prices for properties similar to the one you are looking at.
If the seller is refusing to budge on price, try to find out why they are moving. A seller that has already committed to buying a new home will be more likely to make a deal. So it may be worth holding your position. The best way to do this is to ask your estate agent to do a little digging on your behalf.
The home buying process is full of legal jargon, much of which has legally sensitive definitions. This is never more true than during the survey stage. You don’t want to fall foul of the rules or end up negotiating away your position. So unless you are particularly knowledgeable about the process, always communicate through your agent.
Are you a first-time buyer looking for help getting on the property ladder? Mortgage Mentor is a new and innovative mortgage broker designed to provide the support you need when you need it. Get in touch with our expert team today to learn more about what happens after a survey when buying a house.
As a mortgage is secured against your home/property it may be repossessed if you do not keep up with the mortgage repayments.
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