Survey Advice

[muzEqy]

I had offer on property accepted start of this week, mortgage application submitted and have begun process with conveyancer . I am unsure of the survey process, which type to get and when i need to schedule it for.

I'm a FTB purchasing 2 bed mid terrace built around 1900, no extensions and no obvious renovation work required. It has been sold 6 times in the past 20 years.

The research i had done on surveys seemed conflicting, some said it was useless a waste of money, nothing came up, only suitable for very old properties with extensions and it made you more anxious than needed, others say wouldn't ever proceed without one and it been worthwhile, to always go with L3 full survey. So I decided best to opt for L3 and i had got a few quotes.

One of the quotes came back and said they have viewed property on rightmove and L2 would be sufficient, but from research i'd read L2 isn't worth it as its lacking detail and essential more expensive version of L1.

So basically in this instance is L3 best choice and when would you usually pay for this, once the mortgage has been approved or should i be booking it now?

This is now making me doubt if i need Level 3 or not? The property doesn't fit any of the following

You should choose a Home Survey Level 3 if you want a report that is more detailed than a RICS Home Survey Level 2 or SmartrSurvey Report, or if you’re interested in a property that is:

• Much larger than average
• Old (e.g. built before 1850)
• In obviously poor condition
• Of complex or unusual design
• Of non-traditional or other unusual form of construction
• Significantly altered or extended since it was built
• Intended to be significantly improved or extended after purchase

Most surveyors would say that L2 is sufficient for the type of property you are buying.

I always think if you're getting a mortgage then the lenders will do their own due dilligence, but perhaps that's slack of me

Isn't L1 just a valuation? I would go for L2 and then if that pulls up anything structural that looks worrying, get a separate structural survey done.

I couldn't even find anything out about L1, so not sure if one actually exists.

L2 will be enough unless you have an concerns

L1 is valuation.

From a mortgage provider pov, often their valuation is done by someone at a desk, looking at what else has sold nearby and for what. Occasionally they come and visit to check the house is standing etc.

L2 is homebuyers.
L3 is full structural (and includes costs etc to rectify).

I keep changing my mind, the more i read!

I had originally thought L3 so i got quotes, that's when a surveyor said they had viewed the property on rightmove and L2 should be sufficient, which seemed genuine as why would they offer to do something for less, you'd think they would want as much money out of you as possible.

So i went back to similar price comparison site but this time input details for L2 and i ended up getting reverse response from a different surveyor saying given age of property they'd recommend L3.

I really dont know whats best but thinking the sake of an extra £300 or so the L3 might be best bet.

I would personally choose L3 for a Victorian terrace. We did and it saved us money as it brought up issues that led to us renegotiating the price. It was also really useful in helping us plan a schedule of repairs/maintenance. As you say, the price difference between L2 and L3 is quite small - it seemed more than worth it to us.

L3 for us when we bought houses of that age. It is the biggest purchase with your money you will ever make - unless buying an aeroplane! Why skimp a few quid in the grand scheme of things now? It may give you some leverage on price, it might make you aware of potential pitfalls you don’t want to buy into, or just make you aware of things you will
need to save for in the future.
Yes, surveys will always look for the worst case and be written in ‘drama llama language’, to protect the surveyor if the worst happens to the property, but at least you are aware of this (minor) issue.

L3 is the way to go. It's very little extra to spend for peace of mind. It's also the best tool to use to renegotiate a better price if they do find something significant that you weren't expecting.

When do i need to get this done by and do i need to inform the EA i am planning on getting one or just provide the details when arranging?

So far i've only had momentum of sale and awaiting formal mortgage offer. I don't want to get ahead of myself and potential waste money if things fall through but then equally don't want to wait too long and delay things. Current availability for surveyors i've contacted seems to be mid April onwards.

For an older property you need to get the highest survey level possible and then if the surveyor highlight some issues (roof, electricity, plumbing/pipes, damp, asbestos) get specialists to come in as well for further advice (if you are still keen on the property after the initial survey).

Older properties can be money pits especially if they have not been maintained properly by previous owners or they often come with decades of dodgy DIY/botched repairs from previous owners.

I love my period house but it needed and still needs a lot more work than what I expected.

You can then lower your offer to reflect the work needed or withdraw. A thorough survey will save you money in the long run.

We are in the midst of this - a few weeks ago we asked the mortgage provider who they were getting their survey done with, and then paid a top-up to bring it from a level 1 ( remote/desktop survey) to a level 2 survey. The company they were using then outsourced the survey to a more local surveyor so that it could be done quickly (within two weeks). Definitely worth asking your mortgage provider.

Ours is 1920s. We went L3, personally I would not do less with a house this age even if it looked fine (which ours did). Especially if you're not experienced- ours didn't come up with anything we hadn't thought of in general from what we'd seen, but we're experienced-and it went into a lot of detail, which was helpful. And it reassured us about other things we thought might need checking out, and told us things which meant a tradesperson couldn't con us things needed doing when they didn't.

But don't panic when you get it, they will always pick up lots of things but they won't necessarily be biggies- a L3 costs more because it is also to help you plan medium and long-term things so you know what is coming, most things don't need doing a.s.a.p.!
And talk to the surveyor if you can or if you're worried about anything they come up with, they can be very supportive.