When a certified and professional surveyor inspects the state of a property to highlight any faults or structural damage, this is referred to as a property survey. It helps purchasers to decide whether the property is a suitable investment and, as a result, it may be a stressful time for sellers. A property survey is an important step in the conveyancing process for any buyer. The results will help you decide whether to proceed with the purchase at the current asking price, bargain with the seller owing to flaws, or even back out of the sale entirely. Getting the proper survey is a key point that goes a long way in helping you meking the right decision. Opting for a reputed surveyor who organises a survey when buying a house can help you easily mitigate through the process of owning a property.
Scheduling the survey and what follows.
Depending on the type of survey you choose, a surveyor will normally spend a few hours inspecting the property. The survey report is normally completed and emailed to you within a couple of weeks. After receiving the results of your survey, it is recommended that you give it to your conveyancer, who will review the ‘legal’ or ‘matters for your conveyancer’ area. A property survey takes a couple of weeks to complete and get the results. You can schedule a property survey once the conveyancing procedure has commenced.
A second professional opinion?
You may feel reassured and knowledgeable enough to proceed with the purchase now that you have your survey report and have spoken with the surveyor. If so, now is the time to enlist the help of professionals to conduct additional research.
The steps following this.
The contract can be approved whenever your solicitor is pleased with all of the results of the searches, surveys, and preliminary inquiries. This paper will be forwarded to your solicitor for signature. The mortgage is in place after signed and returned, and you are ready to exchange documents.
After the reports are in hand and you get a clear picture of what is being offered it is time for you to decide whether you want to go for the property or not, considering your expectations and future plans. If the answer is a yes and the standard of the property is below your expectations then you need to start looking for the costs that you will have to incur to bring the property up to the level of your expectations.
Finalizing the deal.
Once you believe you have touched all aspects of surveying and checked on all fronts and have a complete picture of what you ar egetting for the amount you are paying then you give it a green signal and proceed with the legality of owning the property.
After your Building Surveyor has completed their survey of the property, they will provide a report outlining the condition of the house. Some surveyors may call you with a brief overview of their findings, while others will ask you to wait until the report is done. This could take several days, but if you’re in a hurry, inquire ahead of time how quickly you’ll receive the results.