WHAT SHOULD YOU DO AFTER A BAD HOUSE SURVEY IN HACKNEY?

After your offer has been accepted, many buyers opt to undertake a homebuyer’s survey. Surveys are a great way to feel reassured about the property’s condition and what maintenance may be needed in the future.

But what should you do after a bad house survey report?

Major issues with the property should already be reported in the property listing, so surveys don’t typically create much cause for concern. However, sometimes sellers aren’t aware of a property’s issues until a full homebuyer’s property survey is carried out, leaving you with an unexpectedly bad report.

Steps to Take After a Bad House Survey Report

If you have received a bad survey on a house in Hackney, here’s an overview of the next steps you can take.

Discuss it with Your Surveyor

Survey reports are known to frighten potential buyers. Sometimes, they can highlight every risk and potential issue that exists or could exist in the future for your new home.

Before making any quick decisions, talk through the results in detail with your surveyor. Get an idea about things like how common the issues are and what the severity is.

Surveyors can often provide lots of insight into the situation to reassure you or give you a better idea of how to go about the repair work needed from the full building survey.

Research Costs & Fixes

If the issues are severe, do your research about how costly they are to fix. Understand other key elements, too, like how long it’ll take to fix. If you can, arrange for at least two tradespeople to inspect the property and provide a quote.

Many times, issues in survey reports aren’t major concerns that require immediate action – particularly if the seller didn’t know about the issues to begin with. However, if the issues are severe and need fixing as soon as possible, you'll want to know how much it’ll cost you to fix the problem and what time commitments it will require.

If the costs are high, it could impact the house price value and may warrant you trying to lower the asking price.

Speak to Your Estate Agent

Once you have a better idea of the severity of the issues and how much it will cost to fix, speak to your estate agent. After getting a bad survey report, you can renegotiate the price for a property if fixing the issues means it’s no longer affordable.

Tell your estate agent about the new information and consider providing a revised offer or proposing that the vendors carry out the work themselves. If you propose the latter, make sure you notify your solicitor, as this will form part of the home-buying contract.

Remember, the seller doesn’t have to accept your new offer just because there are issues in the survey report. To build a strong case for acceptance, provide information about the cost and inconvenience of fixing the issues and make sure your new offer is reasonable.

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Frequently Asked Questions About Survey Results and Further Investigations

What does the traffic light system in a home survey report indicate?

The traffic light system categorizes issues as red (serious), amber (need attention), or green (good). Red indicates severe problems requiring immediate action.

What happens if the survey uncovers electrical issues?

If electrical issues are identified, consult with a qualified electrician to assess the severity and estimate repair costs. This information can be crucial for negotiations with the seller.

When do buyers usually exchange contracts during the home-buying process?

Buyers typically exchange contracts after agreeing on the terms, completing surveys, and addressing any issues. This step legally binds both parties to the transaction.

Is a full structural survey necessary, or is a homebuyer's report sufficient?

A homebuyer's report is suitable for standard properties, but a full structural survey is recommended for older or unconventional homes to identify hidden structural issues.