If you are wondering who can arrange a survey then estate agents in Maidstone have answers for you. A property survey can be arranged by a buyer after their offer has been accepted. But the process of organising a home survey does not just only depend on the buyer. Any party within the transactions can request a survey and invest in an independent surveyor on their own.
What is the need for a house survey?
One of the best ways to determine whether a property is worth the asking price is to request a property/house survey. The survey reports can have a great influence on the buyer’s decision, more specifically if a lot of repair work is involved. A house survey is a way to determine cases where the buyer has to re-negotiate the asking price of the property- this, in turn, ensures that a property is worth the investment.
But sellers should not assume that only buyers can benefit from a property survey. A house survey is beneficial to sellers- they can conduct their own property survey and then compare the reports to eliminate any discrepancies in the reports. Sellers will also be able to decide which agreements to accept and which offers to walk away from.
A vendor’s survey can also be organised and then shared with potential buyers. This option is especially beneficial when the property in question is being auctioned or if the seller is participating in a sealed bid.
Who is responsible for paying for the survey of a property?
By the general rule of the thumb, the party who arranges for a survey pays for it. In the UK an average house survey can cost anywhere between £290 and £1390 as it depends on the size of the property and the kind of survey that is to be conducted.
If a buyer is applying for a mortgage, then the lender will want to see a Mortgage Valuation. Although the lender will be commissioning the report, the payment is usually made by the buyer. However, one should remember that a valuation is not equal to a home survey since the former does not provide any in-depth inspection of the property.
In most cases, buyers choose to pay for a Home Survey Level 2 instead of going for a valuation alone as a Survey Level 2 consists of a very detailed inspection along with a valuation if requested by the buyer. A Survey Level 2 is done by a chartered surveyor who is a professional and is trained in fishing out building issues. When a buyer opts for Survey Level 2, he or she gets more done and the deal brings in more value for money by highlighting the issues that can help buyers to renegotiate the price of the property.
But do not forget to compare surveyors since it can help you reduce the cost of surveying and help you find the perfect surveyor who will be hired for the level of survey you want.
Can a Mortgage Lender arrange for a Property Survey?
In a typical situation, a mortgage lender does not arrange for a property survey but requires the valuation of the property.
When a buyer is purchasing a property with the help of a mortgage, then a valuation is needed to state to the lender that the property is worth its agreed-upon asking price. But, a mortgage valuation is not equal to a property survey.
The purpose of a mortgage valuation is to satisfy the lender and assure them of the fact that they will be able to sell the property and recover the mortgage amount if the situation arises. A mortgage valuation is carried out by a RIC registered valuer who is technically and professional not a surveyor. So the chances of arranging a non-professional surveyor will lead to overseeing many defects in the property which actually should affect the asking price. Hence, arranging for a home survey is always a smart decision.
Bottom Line
A home survey is an important part of buying and selling property and it should be a non-negotiating part of the process. In this post, we have discussed in detail whether anyone can arrange for a property survey. This blog will help you make an informed decision.
