What happens if the survey shows problems or hidden damage with the property? What should I do if the property has issues or I want to know if the house has hidden damage?
Question:
What happens if the survey shows problems or hidden damage with the property? What should I do if the property has issues or I want to know if the house has hidden damage?
Answer:
If your property survey uncovers problems, it’s important to address them before proceeding with the purchase.
Any such problems can be categorised into three separate areas:
1) Minor issues that can be resolved with minimal work: These items are normal in a 2nd hand home and generally accepted as part of the "you get what you see" approach from vendors.
2) Not minor but not significant: e.g. New boiler required or there is a hole in the roof due to cracked/missing shingles – These, when identified, become part of a request that either the vendor address before completion or alternatively a contribution is made by the vendor to the cost of fixing the issue. You have the option to proceed with the purchase regardless, so long as the issue does not affect the legal title to the property.
3) Significant issues: These can be structural, boundary related or otherwise and generally result in either the purchaser walking away or a renegotiation of the purchase price to account for the issues.
Steps to consider when your Survey is completed:
Discuss the findings with the Surveyor you hire: Review the survey report carefully and discuss any issues with your surveyor to understand the severity and potential costs involved.
Consult with your solicitor : Share the survey findings with your solicitor, who can advise you on your legal rights and potential next steps where matters raised in the survey are of a legal nature.
Renegotiate the Price: If the survey highlights significant defects, you may be able to renegotiate the purchase price with the seller to account for necessary repairs.
Request Repairs or Fixes: In some cases, the seller may agree to address the issues before the sale is completed. Ensure any agreements are documented in writing.
Consider Walk-Away Options: If the problems are too severe or the seller is unwilling to compromise, you have the option to withdraw from the purchase. Beam will guide you on this process to ensure no penalties apply.
Budget for Repairs: For minor issues, factor in repair costs and timelines when making your final decision.
A property survey is designed to protect your investment by giving you a full understanding of the property’s condition. Acting on the survey’s findings in the engineer's report ensures you make an informed decision and avoid unexpected expenses after purchasing your home.