What should you check for in a property survey if buying near the River Thames?

When looking to purchase property near the River Thames, obtaining a comprehensive property survey is an essential step. It provides invaluable insights into the structural integrity of the building and land, potential hazards, local area insights, and the potential valuation of the property. But what exactly should you watch out for in the survey to ensure that your dream house by the river doesn’t turn into a nightmare? Let’s delve into the specifics.

Understanding the Importance of a RICS-Certified Surveyor

The Royal Institution of Chartered Surveyors (RICS) is a globally recognised professional body that sets standards in the land, property and construction sectors. When commissioning a survey, you should ensure that the surveyor is RICS-certified to guarantee a quality assessment.

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RICS-certified surveyors bring a wealth of knowledge and experience to the table. They are bound by a strict code of conduct, ensuring that their services are of the highest standard. They will provide a thorough, impartial report that could save you from making a costly mistake.

Deciphering the Levels of Surveys

There are three levels of surveys that you can request depending on the depth of information you require. In the context of a property near the River Thames, we recommend going for a Level 3 report, also known as a Building Survey.

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A Level 3 Building Survey is the most comprehensive survey available. It provides a detailed analysis of the property’s condition and includes advice on defects, repairs, and maintenance options. In particular, this survey is highly beneficial for older properties, or those located in flood-prone areas like along the River Thames. The surveyor will thoroughly inspect all visible and accessible parts of the property and provide a detailed report of their findings.

Checking for Structural Issues

When you receive your survey report, pay close attention to any potential structural issues. This could include settling, evidence of subsidence, or cracks in the walls. These defects can be telltale signs of deeper, hidden issues that could result in significant repair costs down the line.

In London, many buildings near the River Thames are built on clay soil that tends to shrink and expand with changes in moisture level. This movement often leads to subsidence, a serious problem that could compromise the structural integrity of a building. Your surveyor will help identify if this is a risk for your potential property.

Identifying Flood Risks

Given the property’s proximity to the River Thames, it is crucial to assess flood risk. Flooding can wreak havoc on a property, damaging its structure and furnishings and potentially making it uninhabitable. Additionally, properties in flood risk areas may incur higher insurance premiums, something you need to factor into your budgeting.

Your surveyor will evaluate the area’s flood history and the building’s susceptibility to future floods. They will also offer advice on what measures could be taken to mitigate the risk of flooding, such as installing flood barriers or raising electrical sockets.

Assessing Local Area Influences

Finally, a property survey should not only investigate the building itself but also consider local influences that may affect your living experience and the property’s future value. This could include development plans, noise pollution, traffic congestion, and local amenities.

Knowledge of the London area and specifically the areas surrounding the River Thames will be invaluable in this regard. A local surveyor will have insights into planned developments that could impact the property’s value in the future, whether positively or negatively.

So, ensure that your property survey is thorough, and don’t be afraid to ask your surveyor questions. Your future house on the River Thames should be a dream come true, not a headache waiting to happen.

Evaluating Cost with Stamp Duty Calculator and Mortgage Valuation

When purchasing a property near the River Thames, it’s essential to consider all potential costs, including stamp duty and mortgage valuation. A stamp duty calculator can provide an accurate estimate of the tax you will need to pay when buying a property in London. The rate of stamp duty varies dependant on the property price, whether it’s your primary residence or an additional property, and if you’re a first-time buyer.

Similarly, a mortgage valuation is a key part of the buying process. This is a basic survey conducted by your mortgage lender to assess whether the property is worth the amount you wish to borrow. Although this is a necessary step for obtaining your mortgage, it should not be confused with a detailed property survey. A mortgage valuation merely confirms that the property is worth approximately what you intend to pay and doesn’t delve into the condition of the structure or potential issues like flooding risk.

Remember, a mortgage valuation is for the benefit of your mortgage lender, not you. It’s there to reassure the lender that the property is a worth-while investment. That’s why it’s crucial to commission a thorough building or homebuyer survey separately to identify any potential issues before you complete the purchase.

The Value of a Drain Survey

As part of your property survey, a drain survey should not be overlooked, especially if you’re buying a property near the River Thames. The nature of the soil and the proximity to the river can put properties in this area at increased risk of drainage issues, and these can be incredibly costly to fix.

A drain survey involves using specialist camera equipment to inspect the condition of the property’s drains and sewers. This allows your RICS surveyors to spot any blockages, cracks, or collapses that could lead to issues down the line. Keep an eye out for any mention of drain surveys in your property survey report. If it is not included as standard, you might want to consider arranging one separately for your peace of mind.

Consult with Sam Conveyancing

Property experts like Sam Conveyancing provide advice and guidance throughout the buying process. They can help you with everything from arranging a comprehensive building survey with RICS-certified surveyors to understanding the results of your survey report. They can also assist with understanding your stamp duty obligations and mortgage valuation.

Whether you’re a first-time buyer or an experienced property investor, using a service like Sam Conveyancing can help you navigate the complex process of buying a property, especially when considering a home near the River Thames.

Conclusion

Purchasing a property near the River Thames is an exciting prospect, but it’s crucial to ensure that you have all the important information before proceeding. A comprehensive property survey conducted by a RICS-certified surveyor can provide this, highlighting any potential structural issues, flood risks, and local area influences.

Aside from these, consider the financial aspects of your purchase, from stamp duty to mortgage valuation. Understanding every cost involved will allow you to budget effectively and avoid any nasty surprises.

Finally, remember that you’re not alone in this process. Property experts like Sam Conveyancing are there to help you navigate the complex world of property buying. With their help and a comprehensive property survey, your dream of owning a property by the River Thames could soon become a reality.

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