WHAT IS A HOME SURVEY LEVEL 2 REPORT?
Designed by the RICS as a cost-effective method of minimising risk, the Home Survey Report (or Level 2 Survey) is designed to provide buyers with enough information to make a reasoned and informed decision on whether to proceed with their purchase. We recommend this level of report for conventional properties that are in fair condition with no serious defects. If you are buying a property that is in need of renovation, has some serious notable defects and/or are planning major alterations you would want to consider the more in-depth Building Survey (Level 3) Report.
WHAT IS INCLUDED WITHIN THE REPORT?
The Home Survey Report includes information from the survey on the construction of the property. The report will provide an assessment of the condition of the property, from the roof to the floors and highlighted in an easy to understand traffic light system.
During the survey the walls will be tested for damp with the aid of an electric moisture meter, which can help highlight any damp issues. The condition of elements of the timberwork and any evidence of woodworm will also be commented on. Urgent issues (Red) requiring further specialist attention prior to exchange of contracts typically include, gas, electric, damp and drainage.
There is a useful section that highlights further investigation by your solicitor or conveyancer.
Typical legal queries that might be highlighted in a Home Survey Report include any ambiguity over the physical boundaries, ownership of outside space and rights of access, off-street parking, consents and regulations for any extensions and alterations, along with any guarantees/warranties.
If you are unsure of any of the wording or recommendations, our surveyors are more than happy to talk them through over the phone.
WHAT DO I DO ONCE I HAVE MY REPORT?
It is very rare for a Home Survey report to come back with no Red or Amber ratings so the first thing to say is do not panic! Seeing several items which require attention can be daunting. If you are in doubt, speak to your surveyor.
The most commonly reported RED items are:
Electrics: (usually require further investigation by a qualified electrician)
Gas and Oil: Central Heating (usually requiring further investigation by a qualified Gas Safe engineer or OFTEC technician)
Damp (can be linked to other defects such as the roof or walls/floors may require further investigation by a damp specialist)
WHY SHOULD I GET A HOME SURVEY REPORT?
The purchase of property is one of the most expensive outgoings you will ever face, but most purchasers neglect to factor in the ongoing cost of maintenance and repairs. If you are lucky this could be a couple of thousand pounds a year but if unlucky, this could run into tens of thousands of pounds.
A Home Survey Report will give you an insight and understanding of these issues and allow you to negotiate the right price for your property with these issues factored in. Where the defects and repair costs are either too significant or where the Vendor is unwilling to meet repairs or agree to a price reduction, you can always walk away from the sale knowing that the decision was an informed one.