Conveyancing solicitor Steph Cleak looks at whether you need a Homebuyer’s Survey when buying a property
A buyer is not legally required to have a Homebuyer’s Survey carried out. However, the conveyancing principle of ‘buyer beware’ means that the burden is on the buyer to investigate the property fully before moving to an exchange and being contractually bound to complete. Having a survey can help highlight unwelcome problems.
A Homebuyer’s Survey is prepared for your benefit and protection by a qualified Surveyor and will give you as the buyer an account of the physical state of the property, and highlight the specific areas of which you ought to be aware before exchange of contracts. The survey will include a visual inspection of internal features such as the ceiling and walls and outdoor features such as guttering, walls and windows. It will also include a visual inspection of services such as the heating, drainage, gas and electric, as well as inspect damp-proofing and subsidence.
On receipt of your survey you should send the result to us so that we can look at the section marked “for your legal advisor’s attention” and review this for you.
Your survey may reveal some issues with the property which are not unusual or necessarily a concern, particularly with older properties. For minor defects you may ask that the seller fix these before you proceed to an exchange. However, if the survey highlights major issues you will need to consider your options. These include:
- pulling out of the purchase;
- asking the seller to remedy the defects; or
- renegotiating the purchase price.
With the latter two options the cost of the repairs will need to be established and any renegotiation would be done via the estate agents. The seller of course retains the right to refuse, at which point you will again need to consider carefully whether you wish to proceed in full knowledge of the defects.
You should also be aware that if you are purchasing with mortgage finance, a new mortgage offer will need to be issued if the price changes.
For expert guidance on your property transaction or a quote for the legal fees contact us on 0333 888 0404, or by email at [email protected]
