Do You Need a Home Buyers Survey in Central London?

Do you need a home buyers survey if you’re buying a home in London? It may not be a legal requirement, but a home buyers survey is strongly recommended.

However, there are different types of survey available to suit different property types. For instance, older properties often have issues that may not be identified in the most basic survey. This could be a priority if you are considering buying property in areas such as Notting Hill, Kensington or Belgravia, where the property stock includes a high percentage of high value, older prop

Our home buyer survey guide explains the differences between a Condition Report, HomeBuyer Report and a Building Survey. If you are thinking of buying a central London property, read on to find out more.

What Is A Home Buyers Survey Report?

When you purchase a property, you have the option to survey it, which can help you identify any issues before buying it. There are three main types of survey for home buyers:

• Condition Report – The most basic level of survey. These are typically more suitable for recently built and conventional properties.
• Homebuyer Report – The next level of survey, suitable for older properties in reasonable condition (the most common report chosen).
• Building Survey – The most comprehensive survey, which is recommended for old properties that may need repairs.

Do You Need A Home Buyers Survey?

A property survey is not a legal requirement of buying property in the UK, but it can help to protect you from unexpected costs such as repairs for structural problems. Be aware that a survey is different from a mortgage lender’s valuation, which does not protect the buyer.

There are different survey types available, such as the RICS HomeBuyer Report, Building Survey and Building & Structural Survey Report, each offering varying levels of detail. The more comprehensive the survey, the less risk of unforeseen issues or costs. An in-depth survey becomes particularly valuable if you are buying property in areas such as Kensington, where average flat prices are close to £1.5m and house prices can exceed £4m. With your investment at stake, it makes good financial sense to have a thorough survey completed. A survey can also give buyers leverage to renegotiate the price if any issues are found.

This guide explains the key differences between each type of home buyer survey to help you to decide which one is most suitable for the type of property you are looking to purchase and the typical survey costs.

Want to know more? Take a look at things to know when getting a mortgage and renting vs buying a house.

What Do Home Buyers Surveys Look For?

During a survey, the property surveyor will look at and examine:

• Structural integrity of the walls, roof and foundations
• Signs of damp, rot and woodworm
• Condition of drainage, plumbing and electrics
• Insulation and damp-proofing
• Signs of subsidence or movement
• Any urgent repairs of safety concerns

However, the depth of these checks will vary depending on the survey level. A RICS Level 1 Home Survey only involves a light visual inspection. A Level 3 Home Survey, also known as a Building Survey, will be more thorough and offer an in-depth report.

1. Mortgage Valuation/ Condition Report

Many homebuyers who use a mortgage to help fund their property purchase in Knightsbridge or other parts of prime central London believe their mortgage lender’s standard valuation provides all the protection they need. In the majority of cases, they are mistaken.

Mortgage valuations typically take 15-30 minutes to complete and are designed to give enough information for the lender to decide whether the property is safe to advance money on, and up to what amount. Designed to complement the mortgage valuation, a Condition Report provides traffic light-style indications as to the state of various parts of the property. Green means everything is OK, orange is some cause for concern and red means serious repairs are vital.

This type of survey also provides buyers with a summary of risks to the building, but does not include any further advice or a valuation.

Unless you are purchasing a new-build home that comes with a 10-year warranty, property purchasers are better off commissioning a Building Survey or HomeBuyer Report.

Cost of condition report – £250 to £600

2. The RICS HomeBuyer Report

Typically cheaper than a Building Survey, a RICS (Royal Institute of Chartered Surveyors) HomeBuyer Report or Level 2 Home Survey is best suited for conventional properties that were built no more than 150 years ago and appear to be in reasonable condition.

While the RICS-qualified surveyor will not carry out an in-depth analysis of the property, a HomeBuyer Report will include details of:

• The valuation of the house or apartment on the open market
• Information about location
• The estimated cost of rebuilding the property for insurance purposes
• An assessment of any drainage or damp-proofing in the building
• The condition of the building’s timbers and whether rot or woodworm is present
• Damp test results
• Information about urgent problems that should receive attention from a specialist
• Details of faults in easy-to-access parts of the property that could potentially affect its value

The advantage of a HomeBuyer Report is it will bring to the attention of the property buyer any aspect of the house or apartment that may currently be causing a problem or is likely to require repair in the future.

A HomeBuyer Report typically takes around 2-4 hours to carry out, but how long it actually takes depends on the property’s size and ease of access. You could receive the report within a day, but this can vary so enquire beforehand.

You can find a surveyor who is RICS registered on the rics.org website. Survey costs will vary depending on the size of the property.

Cost of homebuyers report – £300 to £900

3. RICS Building Survey

A RICS Level 3 survey or Building Survey provides a high level of thoroughness followed up with more detailed survey results to help you understand and identify any concerns. As the most comprehensive level of RICS survey for residential homes, it’s highly recommended for older homes, larger or unusual properties, including those that have either undergone renovation or need major work.

Also known as a Structural Survey, a Building Survey is carried out by a chartered surveyor regulated by the RICS, who will produce a report that describes the condition of each element of the property. The surveyor will actively search for any structural problems or defects.

Want to find out more? You might also be interested in second home mortgages and questions to ask when buying a leasehold flat.

Unlike a HomeBuyer Report, Building Survey reports do not have a standard format, which means the surveyor can tailor the investigation to suit a property purchaser’s needs. However, the report will not include a valuation of the property or estimate the cost of rebuilding the home.

This type of survey is the most comprehensive survey level available for residential homes and will provide a detailed evaluation of the condition of the property. Home buyers can then quickly see the extent of repairs that will be required. The report also details the different options for having repairs carried out and estimates of costs. This type of survey also includes advice sheets that explain the consequences of not carrying out the recommended repairs.

A Building Survey Report will typically include details of repairs and maintenance issues such as:

• All defects in a property and its general structural integrity
• The results of tests for damp in the walls
• Woodworm, dry rot and other damage to timbers
• The condition of existing insulation and damp-proofing
• Information on the materials used to build the property and some additional technical information
• Recommendations for further investigations on the property

Due to this type of survey involving an in-depth investigation of a property’s condition, it can take up to a day to complete onsite, and the final report can take 3-10 days to receive.

However, by digging much deeper into the current state of the property and its past history, a Building Survey can also uncover any structural issues or other major problems with the property that would otherwise go unnoticed. Take note though, a standard Building Survey (Level 3) will not include a valuation.

Cost of building survey – £500 to £1500

4. Surveys For New-build Homes

If you’re buying a new-build home, then a snagging survey is strongly recommended to identify any issues before completion. A snagging survey take a few hours to complete, involves a visual inspection only and it is not as thorough as the other surveys. The type of issues that are usually discovered tend to be smaller problems like cosmetic defects rather than more costly structural issues. For example, patchy paintwork or fittings that are loose might get picked up in this type of survey.

As the properties have been recently built, there is a low chance of there being more serious issues like structural problems. New-build homes often come with a 10-year NHBC Buildmark warranty, which is helpful if you do detect problems later on. Check that there is a warranty in place before you commit, though. A snagging survey is not recommended for older or more complex properties as they are not comprehensive enough to identify issues that could require costly repairs in the near future.

Cost of new-build survey – £300 to £600

How Much Is A Home Buyers Survey?

The average cost of a home buyers survey can be as little as £250 to over £1,000. It depends on the property’s size, location, complexity and the level of survey you choose:

With so many older and larger properties in prime central London, the cost of a survey when buying here can sit at the higher end of these ranges. However, the survey cost is comparatively small when you consider the purchase price, and potential cost of undiscovered structural issues.

How Long Does A Home Buyers Survey Take?

A home buyers survey takes between an hour and a day to complete depending on the property size and level of survey. Condition Reports or HomeBuyer Reports (Level 1) typically take 1-4 hours onsite depending on the property’s size, while a Building Survey (Level 3) can take a full day for larger or older properties. A snagging survey will typically take 2-4 hours to complete. You should receive a HomeBuyer Report within 3-5 working days, and a Building Survey report typically take about 5-10 working days.

Are Home Buyers Surveys Worth It?

Yes, for the vast majority of buyers, home buyers surveys are worth it, particularly in central London areas such as Knightbridge or Chelsea, where purchase prices are very high. A survey can uncover serious structural issues that would otherwise only emerge after purchase. Even a Building Survey costing £1,200 is minimal compared to the potential cost of unexpected repairs, in the event that issues like subsidence or dry rot remediation is uncovered.

Survey findings can also be used to renegotiate the purchase price, or to request that the seller addresses repairs before completion. There’s also the consideration that property is sold as seen in England and Wales – beyond essential listing details, the onus is on the buyer to investigate the property’s condition.

This means that without a survey, buyers cannot assume a property is in good condition and have little legal recourse if problems emerge after the purchase. Property purchase expectations vary across the world, and local expertise can be invaluable. Plaza Estates buying services can offer guidance from the first stages of your property search to completion.

Looking to buy a property in central London?

A home buyers survey may not be legally required, but it is highly recommended. If you are planning to buy in central London, where house prices are higher and properties are often older, then a detailed survey could be considered essential. For expert help finding your perfect property in central London – whether in Battersea, Fulham, Maida Vale, Notting Hill, Holland Park, Mayfair or beyond – talk to us today. Our friendly team of experienced estate agents are here to help with every aspect of the home-buying process.

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