7 times a Property Survey is a Must
Property surveys are an important part of property transactions. They can help to identify any potential problems with a property, such as boundary disputes or encroachments.
In some cases, a property survey is required by law. In other cases, it is simply a good idea to have one done to protect yourself.
In this blog post, we will discuss 7 times when a property survey may be required.
1. When you are buying or selling a property.
A property survey can help you to identify any issues, boundary disputes or encroachments on your property. This can be important information for both buyers and sellers, as it can affect the value of the property.
2. When you are developing or renovating a property.
A property survey can help you to determine the exact size and shape of your property. This information is essential for planning and permitting purposes.
3. When you are applying for a mortgage.
Many lenders require a property survey or valuation as part of the mortgage application process. This is to ensure that the property is worth the amount of money that you are borrowing.
4. When you are applying for a home insurance policy.
Some home insurance companies require a property survey as part of the application process. This is to help them to assess the risk of insuring your property.
5. When you are looking for a lease extension on your leasehold property.
A lease is your right to use a property for a specified period of time. As your lease gets shorter, the value of your property decreases and it can become difficult to mortgage or sell. In order to extend your lease, you will need a surveyor to access the property.
6. When you are planning to make changes to your property.
If you are planning to make any significant changes to your property, such as adding an extension or building a fence, a property survey can help you to ensure that the changes are legal and do not encroach on any neighboring properties.
7. For probate or inheritance tax purposes.
Bereavement is never easy for anyone. When a beloved family member or friend dies and leaves their property to you, you will need to get a valuation of a property even if you aren’t selling it, in order to complete the Her Majesty’s Revenue and Customs (HMRC) Inheritance Tax form.
If you are considering any of the above activities, it is a good idea to have a property survey done. A property survey can provide you with peace of mind and help you to avoid any potential problems in the future.
