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Buttermarket Ipswich

July 2013

THE IMPORTANCE OF COMMISSIONING A SURVEY

 

Research undertaken recently by RICS revealed that whilst over 90% of homebuyers agreed it is important to commission a survey, nearly a third fail to do so, leaving them at risk of discovering significant defects and other problems only after purchase.

 

Many are left counting the cost, with those who failed to commission a survey before buying their property facing average repair bills of £5,750.

 

There are 3 levels of RICS house survey available:-

Level 1 - Condition Report

Level 2 - Homebuyer Report

Level 3 - Building Survey

 

The 3 levels of survey differ in respect of the detail of the surveyor's inspection, the content of the written report and therefore cost. It is important to choose the right survey, not only to ensure the required information is included but also to suit the characteristics of the subject property. Not all levels of survey are appropriate for every property type.

 

The RICS research did not cover commercial properties, but those buying or renting business premises face similar risks. Tenants in particular often under-estimate the extent of their responsibility for maintaining a commercial property. EWS are regularly asked to undertake surveys for those looking to rent business accommodation, including the preparation of schedules of condition which, if agreed with a landlord at the outset, can be used to document the property's condition at the start of a lease and protect a tenant from having to repair defects which were already present at the outset. Such schedules also provide a tenant with more information about the property's condition before final lease terms are agreed.

 

Further details about the types of surveys available for both residential and commercial properties can be obtained from Paul Edwards on 01473 235674 or click here to email

 

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