Full measured building surveys provide the foundations of informed architectural and structural decision-making. Using advanced tools, these surveys document the exact layouts, elevations, sections and intricate details of structures with unparalleled accuracy.
This accuracy is invaluable in property sales, refurbishments and health and safety considerations. It can even simplify the process of obtaining bridging finance.
Buying a Property
If you are purchasing a property, getting a comprehensive building survey is essential for your due diligence and positioning yourself for a successful bridging loan application. Read on to learn everything you need to know about a RICS Level 3 Survey, costs, other options and what to expect from your surveyor.
When it comes to property investment, knowledge is power – especially in the fast-paced world of bridging finance. A comprehensive building survey is your ticket to understanding your investment fully and positioning yourself for a quick loan approval.
A full measured building survey provides a detailed snapshot of properties, invaluable for planning and decision-making across the construction and property development industries. In particular, these surveys play key roles in refurbishment projects, property sales, health and safety enhancements, dispute resolution, and ensuring regulatory compliance.
During a building survey, your chartered surveyor will assess the condition of a property and produce a detailed report highlighting any issues and recommendations for repair or further investigation. They will also provide a cost estimate for any necessary repairs. These reports can be used to identify any defects, discrepancies or potential hazards in advance and prevent future legal complications and expense.
In addition to the general structural integrity of a property, the survey will include a description of the internal walls and structure, fireplaces and chimney breasts, floors, joinery and insulation, drainage systems, services and outbuildings. The site will also be inspected for boundaries, trees and soil contamination.
The most comprehensive type of building survey is the RICS Level 3 Building Survey. A RICS Level 3 survey is an in-depth examination of the condition of a property that is primarily designed for older properties or those with non-standard construction. This is the most expensive of the three main building surveys but it is essential for anyone considering buying a property that may need significant renovations or work.
The main benefits of a RICS Level 3 survey are that it will identify existing structural issues, their likely impact and associated costs allowing bridging lenders to accurately calculate the loan-to-value (LTV) ratio for a loan application. It will also highlight any necessary renovations and help borrowers to determine the maximum resale value for a property, or try Castle Surveys.
Buying a Commercial Property
If you are looking to buy a commercial property, an expert building survey is vital. The survey will highlight problems and provide recommendations to address them before closing. This will save you money and potential legal complications down the road. A building survey will also help you understand any conservation easements or other third-party restrictions that may prevent you from developing the land.
There are a few different types of building surveys available. The level of detail you need depends on what you are buying and how you plan to use it. For example, a Level 3 Building Survey is best suited for older properties, listed buildings, or homes that will undergo a significant renovation. It is important to discuss your needs with a chartered surveyor and decide which type of survey is right for you.
Boundary or land surveys are designed to locate the boundaries between privately owned parcels of land but do not typically include information on existing structures (buildings, walls etc). An ALTA survey is the most comprehensive form of survey for a commercial property. This survey includes a description of the improvements (buildings, fences, structures) on the site along with their heights and setbacks. It also identifies easements, access and recorded title items such as encroachments, restrictions and covenants.
A full measured building survey uses a combination of survey instruments to accurately measure the dimensions and layout of a commercial building on each floor. This is useful for lease plans, major refurbishment, and space planning. It can also be used to identify health and safety issues, and provide a clear reference point when resolving disputes over property size or architectural integrity.
Buying a Residential Property
With the purchase of a residential property comes an array of expenses: the property itself, conveyancing fees, estate agency and mortgage broker commission, professional searches and moving costs. But one expense that is often overlooked is a building survey. While it’s understandable that buyers are seeking to reduce costs where they can, skipping this essential step can prove costly in the long run.
A comprehensive building survey provides an in-depth analysis of the property, outlining its condition and pinpointing defects and discrepancies that could be expensive to rectify in the future. From the external walls to the inside of a roof, the building survey is designed to be as comprehensive as possible so that potential problems are revealed as early as possible.
In addition, a detailed report is compiled after the survey that includes a description of the construction of the property as well as its internal features including chimneys and fireplaces, floors, joinery, insulation and ventilation. It also includes an assessment of the services that are present, such as electricity, gas, water and drainage. The survey also notes any environmental issues that may impact the property and any legal matters affecting its development, such as boundary disputes or planning restrictions.
When a property is being purchased for redevelopment, a measured building survey is highly beneficial. It allows architects and builders to gain a full understanding of the existing structure’s nuances, ensuring that new designs harmonise with the architecture while maintaining structural integrity.
Building surveys can also be conducted during the construction of a self-build project to ensure that work adheres to regulations and quality standards. A detailed report can also be used as a record of the progress made throughout the build, helping to mitigate disputes and issues that may arise at a later stage.
In the current market, bridging finance is increasingly common and a building survey can be an important tool for savvy property investors. Not only does it provide a clear understanding of the property’s value, but it can also be used as leverage in price negotiations. In this fast-paced environment, knowledge is power – and a survey is the best way to gain that knowledge.
Selling a Property
When buying a property, a building survey can be a crucial tool. These reports are conducted on site and provide a detailed report of the physical condition of the property. This information can help buyers make better decisions about potential investment and financing options. Often, a building survey will highlight issues that must be addressed to bring the property up to standard and comply with local laws and regulations.
Full measured building surveys can be used across many different applications, transforming planning and decision-making throughout the construction industry. These applications include refurbishments, property sales, health and safety enhancements, and dispute resolution. In each of these areas, the unbiased accuracy of a survey provides a comprehensive foundation for strategic planning and execution.
During a building survey, the surveyor will inspect all visible and accessible parts of the property, including the roof, chimneys, walls, windows and doors, floors, cellars and outbuildings. If a problem is identified, the surveyor will describe its severity and advise on how best to address it. They will also provide a market valuation for the property.
Surveys are important for all stakeholders, including property buyers and sellers, investors, mortgage lenders and property managers. Chartered surveyors have the expertise to assess and document the condition of buildings, helping ensure that they comply with regulatory standards and are fit for purpose. In addition, their accurate documentation can help to facilitate a smooth and efficient sale process.
A comprehensive property survey will identify any existing problems or encroachments on the land, as well as the legal boundary of the property. This is an essential component for property transfers, and will be accepted by a title insurance company if prepared by a licensed surveyor who has a current license to practice.
A survey can also be a powerful tool when resolving disputes between neighbors or between a landowner and a government agency. It is important that both parties are aware of the status of a property’s boundaries to avoid conflict, litigation or costly legal actions. A survey can establish the exact measurements of the property’s land and the position of all improvements in relation to those boundaries.