What to Do If You Receive Poor Property Survey Results On Your New Home Purchase
From our Senior Officer & Business Leader, People and Operations- Alison Crawford
Discovering serious issues with a property purchase during a survey may seem daunting at first, but there’s usually no need to panic. Whether you’ve received a red condition rating in your Home Survey or discovered underlying issues in your Building Survey, understanding the next steps is crucial. From seeking professional advice to renegotiating, we can provide you with a roadmap during this challenging time.
Communicate with Your Surveyor:
The first step after receiving your survey report, if you are unsure of the issues being raised, is to contact your surveyor. A good surveyor will be happy to spend time discussing their findings and helping you understand them better. Misinterpretation of survey results is common, and it’s essential to get clarifications and recommendations from the surveyor.
They can also guide you on whether further inspections or a structural survey are necessary and may have recommended these steps dependent on the survey you have requested at the outset.
Communicate with the Estate Agent:
Discuss the survey results with your estate agent to seek their advice on moving forward. They can provide an impartial viewpoint and suggest actions such as getting a second opinion or renegotiating the price based on the severity of the issues.
Communicate with Your Conveyancer:
Consult your conveyancer to understand the legal implications of the survey findings. They can guide you on whether renegotiation or withdrawal from the sale is a viable option, ensuring your interests are protected.
Get Quotes for the Work:
Based on the information provided by your surveyor, start gathering quotes for the necessary repairs. Obtain at least three quotes for each aspect of the work required. This will help you determine the realistic average cost and potential renegotiation points for the final property price. Additionally, ask for an estimated timeline for completing the repairs.
Renegotiate After a Poor Property Survey:
Armed with a clear understanding of the issues, seek to renegotiate the deal with your estate agent. Share the estimated repair costs and time frames to find a mutually acceptable middle ground. Be open to flexibility, considering cost-sharing or allowing the current owners to make the repairs based on their quotes and timelines.
Consider What It Means to You:
Reflect on what the property means to you and whether the repairs are worth the investment. Seek input from others, such as friends or colleagues, to gain different perspectives that can help you make an informed decision.
Take a Break and Review the Situation:
Rather than making hasty decisions based on the initial shock of survey results that reveal some unexpected repairs, take some time to clear your mind and review the findings. Gather contrasting views from professionals and consider their advice to put the results into perspective.
Consider Walking Away:
If the issues revealed by the survey are significant and cannot be resolved through negotiation, walking away from the deal may be a viable option. Although you may have already incurred certain costs, evaluate the long-term implications and whether the property still meets your needs.
Dealing with bad survey results can be challenging, but with a clear plan of action, you can navigate the situation effectively. By communicating with professionals, gathering quotes, and considering various options, you can make informed decisions that align with your best interests.
Remember, it’s essential to prioritise the safety and habitability of the property while ensuring the investment aligns with your long-term goals. Afterall, every property is just the foundation for your new home.
