When you buy a property for residential or business use a property survey may identify any issues. Including leaky roofs or windows which you may be able to use to help get a discount in the price before completion. The same goes for when you take out a lease, you don’t want to have to make unnecessary repairs at the end of your lease for problems that may have been identified in a property survey.
Property surveys may help to highlight issues to you with regards to access, boundaries and other rights or problems you may not have considered. When purchasing a property for business use you will have to think about basic things like the right of access to your property. This may not seem like a huge problem, but if your customers cannot reach you or come across obstacles this will not reflect positively on you.
Assist your lawyer
A property surveyor can highlight key points to your lawyer which will then make sure that they ask the right questions to the vendor. Surveyors and lawyers working together can greatly benefit you as often your lawyer won’t have visited the property so can gain great knowledge from your surveyor.
Even when you lease a property and think you’re not liable, you can be wrong. A survey is almost more important when you lease a property as you are contractually required to do specific things, which if you owned the property you may choose not to do. Therefore if your landlord is responsible for structural repairs, and if and when he decides to fix issues then the costs may be passed on to you through increased service charges.
End of contract
Getting a survey of a leased property will help you to understand any liabilities that you may face at the end of your contract. You must make sure you are well informed so don’t end up spending a small fortune at the end of a contractual period.
The Property Survey
A property survey begins by discussing your needs and why a survey is important. You can discuss whether you require any specialist inspections such as mechanical and electrical survey, an asbestos survey or an environmental report.
The vendor will need to provide access to building drawings, any operation manuals and access to all parts of the building including the roof. The main findings will then be discussed and a summary will be provided. A full property survey report will contain all the findings.
We would suggest that whether you are purchasing or leasing a property that you have a full building survey completed to save any surprises in the future.