Surveys FAQs
Q. What is a homebuyer survey?
A RICS homebuyer survey is a report that provides an impartial assessment of a property. Choosing the correct survey will tell you more about the condition of a property whilst highlighting any serious problems and it will also advise you of the associated specific risks.
This gives you greater peace of mind before you commit to buying a property and there are currently 3 different levels of survey available.
This gives you greater peace of mind before you commit to buying a property and there are currently 3 different levels of survey available.
Q. Are Homebuyer Surveys and mortgage valuations the same thing?
No, a Homebuyers Survey and a mortgage valuation are not the same thing. A homebuyer survey is a report from an independent surveyor to inform you of any potential structural defects or issues with the property you are looking to purchase.
This is not to be confused with a mortgage valuation or survey which is undertaken by the lender’s surveyor and is simply to satisfy the lender that the property is worth at least as much as the amount being borrowed. This will not pick up on any defects unless they are blatantly obvious and cannot be relied upon by the purchaser in the event of a later issue.
This is not to be confused with a mortgage valuation or survey which is undertaken by the lender’s surveyor and is simply to satisfy the lender that the property is worth at least as much as the amount being borrowed. This will not pick up on any defects unless they are blatantly obvious and cannot be relied upon by the purchaser in the event of a later issue.
Q. What is RICS?
RICS stands for The Royal Institution of Chartered Surveyors and is a globally recognised professional body providing training and setting standards that accredited surveyors must meet and adhere to.
RICS Rules of Conduct consist of a set of strict rules and regulations that any RICS surveyor must comply with, helping to ensure a consistently high standard of work.
Here at The Property Portal we only deal with RICS surveyors, so you can be rest assured your survey is carried out by a competent professional
RICS Rules of Conduct consist of a set of strict rules and regulations that any RICS surveyor must comply with, helping to ensure a consistently high standard of work.
Here at The Property Portal we only deal with RICS surveyors, so you can be rest assured your survey is carried out by a competent professional
Q. How long do surveys take?
The length of time it will take to receive your survey report can vary, taking anything from a few days to weeks, but typically it should only take a few days.
Do make sure that you book your survey as early in the purchase process as possible to minimise any potential delays.
Pop in a few basic details, and The Property Portal will give you a fast surveying quote so you can get the process started quickly.
Do make sure that you book your survey as early in the purchase process as possible to minimise any potential delays.
Pop in a few basic details, and The Property Portal will give you a fast surveying quote so you can get the process started quickly.
Q. What will happen if a survey finds a problem with the property I am buying?
Sometimes surveys may reveal potential problems. If a buyer learns about these problems prior to exchanging contracts, there are a few options:
Request that the seller corrects the problem, at their expense
Seek a price reduction to cover the cost of resolving the problem
Withdraw from the purchase if the problem proves too difficult to resolve
Request that the seller corrects the problem, at their expense
Seek a price reduction to cover the cost of resolving the problem
Withdraw from the purchase if the problem proves too difficult to resolve