What should you do after a bad survey?
A survey report can help you significantly in deciding whether you should purchase a property. After a bad survey report, most buyers will start getting cold feet. However, there are several things you can do after a bad survey report. This article will take you through the most effective steps you can take after a bad survey report.
Talk to the surveyor
Your surveyor should take you through their report to ensure that you have a complete overview of the property's condition. This includes the issues which have been highlighted in the report and their effects. It is not unusual for a surveyor to walk you around the property and point to the property's concerning parts.
You should know that some surveys are more thorough as compared to others. Usually, most types of surveys provide a list of issues ranking them in the order of severity and urgency.
Further, the report may have flagged up some issues which may require further investigation. In this case, your surveyor will recommend that you see a specialist.
You should feel free to ask your surveyor any question which you may have.
Should you get a second opinion?
You may either have some concerns for which you want to engage a specialist, or the report may have flagged up an issue which requires further investigation. Usually, your surveyor will inform you in anything requires further investigation.
How much will it cost to fix the problem?
It would be best if you get at least 2 quotes. It will help you compare the scope and price of getting the issue fixed. Further, getting at least 2 quotes will help you decide whether you need to address the issues urgently, or whether you can deal with it over time.
However, you should get quotes promptly because the seller may even get annoyed if you keep them waiting too long.
Negotiating the purchase price after a bad survey
One thing you can do after a bad survey report, is to ask the seller to reduce the final purchase price. You are not legally bound to purchase the property until you have exchanged contracts. So it is entirely reasonable to go back to the estate agent with a revised offer.
You should be realistic in asking the seller to reduce the sale price; keep it in line with the cost associated with getting the issues fixed. You may even share a copy of the survey report with the estate agent along with the quotes you have received on getting the issues fixed. This will show that you have a good reason for asking the seller to discount the purchase price.
You should also be aware that in some cases, the report may flag up some issues which require fixing before the exchange of contracts, primarily if the issue affects the value of the property. This should form part of the contract you will be exchanging. You will have to talk to your conveyancer in this regard.
Please note that the information provided on this page:
- Does not provide a complete or authoritative statement of the law;
- Does not constitute legal advice by Net Lawman;
- Does not create a contractual relationship;
- Does not form part of any other advice, whether paid or free.
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