Building Survey in London | RICS Level 3 Report
Embarking on a property journey in London? An RICS Level 3 Building Survey is your essential companion, offering you the most comprehensive insight into your potential new home or investment with unparalleled detail and expertise. Navigating the world of London property can be a daunting experience for any home buyer, but the professional services of highly experienced RICS Chartered Surveyors can help ease your journey. Their expert knowledge of the London area, ranging from Central London to its various suburbs combined with a comprehensive building survey can provide you with a clear understanding of the condition of your potential new home along with any repair costs that may arise.
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Choosing the Right Survey for Your London Property
The type of survey you require will depend on the property's age, location, and condition. It's essential to consult with an independent chartered surveyor with relevant experience in London properties to determine which survey is right for your needs. They can offer expert advice and ensure you're well-informed about your potential new home.
Types of Building Surveys in London
The Royal Institution of Chartered Surveyors - RICS guidance on different levels of surveys. RICS building survey reports are classified into three levels:
RICS Level 1 Condition Report
A basic, entry-level survey designed to provide an overview of a property's general condition, typically suited for relatively modern and conventional properties. Conducted by a qualified Royal Institution of Chartered Surveyors (RICS) surveyor, this report aims to identify any urgent defects, potential legal issues, and essential maintenance requirements. The Level 1 Condition Report utilises a traffic light system to easily categorise the findings, with green indicating no significant concerns, amber suggesting potential issues that may require attention, and red highlighting urgent defects or problems that need immediate action. Though it does not offer in-depth analysis, the RICS Level 1 Condition Report is an affordable and straightforward option for homebuyers or property owners looking to obtain a cursory understanding of their property's condition.
RICS Level 2 Homebuyers Report
A more comprehensive survey that offers a thorough assessment of a property's condition, making it suitable for a wider range of properties, including older or unconventional homes. Conducted by a qualified RICS surveyor, this report delves deeper into the property's structure and highlights any visible issues, such as dampness, subsidence, or timber decay. Additionally, the Level 2 Homebuyers Report provides advice on necessary repairs, maintenance, and potential future problems. Like the Level 1 Condition Report, it employs a traffic light system for easy interpretation of findings. Furthermore, this report typically includes a market valuation and a reinstatement cost assessment for insurance purposes. The RICS Level 2 Homebuyers Report strikes a balance between detail and affordability, making it a popular choice among property buyers seeking a more in-depth understanding of a property's condition before finalising their investment.
RICS Level 3 Building Survey
The most comprehensive and detailed property survey available, tailored to meet the needs of clients seeking an in-depth evaluation of a property's condition. Conducted by a qualified Royal Institution of Chartered Surveyors (RICS) surveyor, this survey is particularly suited for older, larger, or more complex properties, as well as those with known issues or planned renovations. The Level 3 Survey provides a thorough examination of the property's structure, both internally and externally, identifying any defects, potential problems, and necessary repairs. Unlike the Level 1 and Level 2 surveys, the Level 3 Building Survey offers a bespoke, narrative-style report that includes specific advice on remedial actions and their estimated costs, as well as information on the property's construction and materials used. While it is the most expensive of the three survey options, the RICS Level 3 Building Survey delivers an unmatched level of insight, equipping property buyers with the knowledge they need to make well-informed decisions and protect their investments.
Benefits of a Building Survey
- A peek into the future
Our detailed reports help you save money in the long run by highlighting even seemingly minor issues that could exacerbate and become costly to repair if neglected. - A comprehensive insight into a property’s condition
You don’t need to risk borrowing hundreds of thousands (or even millions) of pounds to buy a home that could prove to be a poor investment because a building survey details the condition of the roof, timber defects, all internal and external areas and more. - A powerful bargaining chip at the negotiating table
Not all problematic properties need to be avoided, but you need to know whether the asking price is a true reflection of the home’s value. You could secure a property for much less than its asking price by highlighting the areas which require attention.
Building Survey Cost
The cost for a building survey in London varies depending on the size of the property, but the present starting price is £750 for a level 3 building survey and £650 for a level 2 building survey (homebuyers report). Some people rely on mortgage valuations to gain an insight into a property’s condition, but these brief reports merely exist to help lenders adequately secure their loans. Unlike a comprehensive building survey, mortgage valuations don’t detail the full extent of problems within a property or provide a cost estimate for any required repairs.
Our Full Building Survey is the most comprehensive report we provide, featuring written reports, photographs and quotes for any required works. Our chartered surveyors use advanced equipment, such as Pole Cams, to inspect every accessible nook and cranny of the property and provide reports that detail:
- Areas of Movement
- The Structural Condition of the Building
- Timber Defects
- Dampness
- Condensation
- Insulation
- Roof Structure
- External Walls
- Windows
- Doors
- Services (Gas, Electricity, Water, Drainage, Heating
FAQs
How long does it take to complete a building survey?
The duration of a building survey depends on the property's size, type, and complexity. Typically, a site inspection takes around 2-3 hours to be completed, depending on the size of the property. However, more extensive properties or those with specific issues may require additional time.
When should I schedule a follow-up call with the surveyor?
It's a good idea to schedule a follow-up call with your surveyor within a week of receiving the survey report. This allows you to clarify any concerns, ask questions about the findings, and get expert advice on the next steps.
What happens if the survey identifies significant defects or structural issues?
If the survey uncovers significant defects or structural issues, it's essential to discuss these with your surveyor and solicitor. They can help you understand the implications, potential repair costs, and any impact on the property's value. You may use this information to renegotiate the price of the property or reconsider your purchase decision.
Building Survey vs Full Structural Survey?
A Full Structural Survey, often mistakenly used interchangeably with an RICS Level 3 Building Survey, is a term that is now considered outdated in the property surveying industry. Previously, a Full Structural Survey referred to an extensive inspection of a property's structure, focusing on detecting issues such as subsidence, dampness, and timber defects. However, the Royal Institution of Chartered Surveyors (RICS) has since introduced a more standardised approach to property surveys with the three-tiered system: Level 1 Condition Report, Level 2 Homebuyers Report, and Level 3 Building Survey.
While the RICS Level 3 Building Survey shares similarities with the old Full Structural Survey in terms of thoroughness and attention to detail, it provides a more comprehensive evaluation of the property's condition. The Level 3 Building Survey not only assesses structural concerns but also includes a tailored, narrative-style report with specific advice on remedial actions, estimated costs, and information on the property's construction and materials used. In essence, the RICS Level 3 Building Survey has replaced the Full Structural Survey, offering property buyers an even more exhaustive inspection and a clearer understanding of their potential investment.
Conclusion
Navigating the process of buying a home in London can be challenging, but with the right guidance and expertise from a chartered surveyor, you can make an informed decision about your potential new home. Remember to consider the different types of building surveys, the importance of RICS chartered surveyors, and the various factors that may impact your property, such as party wall matters and structural issues. Armed with a thorough report and expert advice, you'll be well-prepared to protect your interests and secure your dream home in London.
Building Survey Example Report
Click on the button below to download an example of the typical Building Survey report that we produce.