Understanding the legal requirements for Homebuyer Surveys
Homebuyer Surveys involve a chartered surveyor inspecting a home, keeping an eye out for any common problems or potential future issues.
They then write up a report and send it to you. You use the information within and chats with your surveyor to decide how to proceed.
Homebuyer Surveys are often conducted during the buying process, as the name indicates. (You could also instruct them at any other time, either as an owner, seller, or landlord.)
These days, we refer to them as a Home Survey Level 2. This and ‘Homebuyer Survey’ can be used interchangeably.
With all that introduction in mind, let’s look into the legal requirements surrounding Homebuyer Surveys when you purchase a property.
Do you need a Homebuyer Survey when buying a home?
Here’s the bottom line: you don’t need a Homebuyer Survey when purchasing a new house. However, it’s strongly recommended.
There is no legal requirement to get a home survey. Your estate agent will likely mention it, and your solicitor will push you to get one, but you don’t have to. The sale won’t fall through if you don’t.
Your mortgage provider will conduct their own Valuation. This is separate from the service provided by chartered surveyors and is designed to secure their loan to you.
In the buying process, a Homebuyer Survey is part of a buyer’s due diligence. This is the principle whereby you know that the seller is marketing their asset and that they have no obligation to point out its faults. It’s the buyer’s job to find them.
The due diligence principle is why home surveys are so crucial. You won’t need one if you’re a property expert and know what to look for. But they’re vital for most people, who might struggle to tell the difference between rot and cobwebs or spot the signs of severe subsidence.
The survey you need for different property types
As with most things, there’s no black-and-white answer here. Again, you don’t need a particular kind of survey for specific properties.
GB Home Surveys offers three easy-to-understand RICS home surveys.
- Valuation
- Homebuyer Survey (Home Survey Level 2)
- Structural Survey (Home Survey Level 3)
A Valuation is relatively self-explanatory. It’s an extremely basic report, concluding with an unbiased estimate of the home’s market worth.
A Homebuyer Report delves into common problems in much more detail. You’ll know about potential issues like leaks, damp, roof leaks and Japanese Knotweed, and find advice on how to proceed.
Finally, a Structural Survey (Home Survey Level 3) concerns the building’s structural integrity. It also includes everything from the Homebuyer Survey.
In general, a Homebuyer Report (Home Survey Level 2) is most appropriate for the following properties:
- Modern constructions or new-builds
- Good condition
- Few previous owners
- Property that hasn’t been used for commercial purposes
- Not suitable for historic buildings, barn conversions, renovations, etc. (consider a Structural Survey)
Whose job is it to arrange a Homebuyer Survey?
A Homebuyer Survey could be requested by anyone. However, the purchaser usually instructs it in the buying process.
Once the initial offer has been accepted, the buyer gets in touch with the chartered surveyor they choose. (More information on that here.)
The surveyor makes arrangements with the current owner, fitting the inspection in at a time to suit them. It’s usually done within the next few days.
After this, RICS standards mean you should get your report within two weeks. (At GB Home Surveys, we always aim for seven days).
Of course, you could also arrange a Homebuyer Survey as the seller. In this case, use your report to repair any faults before listing your property on the market. You could even show potential buyers the survey results to show openness and transparency, increasing your chances of completing a sale quickly.
GB Home Surveys carries out Homebuyer Surveys
Here at GB Home Surveys, our teams of local chartered surveyors work in regional offices. These include Birmingham, Gloucestershire, Worcestershire, Herefordshire, South Wales, the Cotswolds, Taunton, Bristol, Bath, Devon and Cornwall.
Are you looking to move house in one of these areas? If so, one of our friendly team can help.
Reach out using the contact form below to learn more about Homebuyer Surveys and how GB Home Surveys can help. In the meantime, check out our free Homebuyer Survey Quote Calculator – no need to leave any of your details.
