If not for its high demand for housing caused by the high immigration rate in the country, the real estate industry in England should have been dead by now. In theory, it is not ideal to buy properties in this country because of the real estate laws that it has; for example, it is legal in England to simply walk away from transactions and deals even after negotiations have long been settled. This means that one will not really get the assurance of a property’s sale unless the deed of sale has been signed. But this is not really the case; in fact, real estate prices in England, most especially in London, have greatly increased in the past 10 years. Property surveys have revealed that the land cost across the country will even double in five years.
Because of the high investment needed, it is extremely important for real estate buyers to not end up regretting their purchase. It is not enough for them to just secure the opinion of their “expert” neighbour or to “feel” that the property is good enough. In situations as such, the only known fail-safe approach is a professional structural engineer from a reputable property survey firm.
Problems associated to land and building purchases often arise when the buyer assumes that a property survey is unnecessary and that the opinion of the non-experts are enough to come up with a sound decision. Professional surveyors are especially trained to extract even the most trivial information about a property. Moreover, such surveys also evaluate the current market price of a specific property.
After the inspection has been carried out, the buyer has every right to cancel the deal and walk away guilt-free if certain expectations have not been met. In other parts of the world, there are certain real estate laws that protect sellers from such impulsive actions made by buyers who have already committed to buying specific properties; but such laws do not exist in England.
Other purposes of property surveys are:
1. To Settle Property Disputes
It is a very common problem amongst neighbours to fight over the boundaries of their properties. Courts settle “encroachment” cases by tearing down buildings and other structures which have crossed beyond their owner’s property lines. Courts often require detailed property surveys to resolve such issues.
2. Insurance Purposes
Insurance companies would require a thorough property survey before they will decide on the value of the insurance policy allocated for a specific property. The survey will tell them whether the location of the property is prone to natural calamities like floods and earthquakes. Owners of properties located in such areas are often charged with more expensive premiums.