A Level 3 Survey, also known as a Building Survey or Full Structural Survey, is the most comprehensive property assessment available in the UK. The cost of this survey varies based on several factors, including the property’s size, age, location, and complexity.
Estimated Costs:
- Average Cost: Between £550 and £2,000 depending of location.
- Property Value Considerations:
- For properties valued between £100,000 and £249,000: £550 – £650.
- For properties valued between £250,000 and £500,000: £650 – £750.
- For properties valued between £500,000 and £750,000: £750 – £850.
- For properties valued between £750,000 and £1 million: £850 – £1,000
- For properties valued between £1 million and £1.5 million: £1000 – £1,400
- For properties valued between £1.5 million and £2 million: £1,400 – £1,900
- For properties valued over £2 million: POA
Factors Influencing the Cost:
- Property Size and Complexity: Larger or more complex properties require more time to survey, increasing the cost. All fees are based on the complexity and the time for the work involved.
- Location: Surveyors in urban areas, especially in and around Manchester, Birmingham or London, may charge higher fees due to increased demand and operating costs.
- Property Age and Condition: Older properties or those in poor condition may necessitate a more detailed inspection, affecting the survey’s duration and cost.
- Surveyor’s Expertise: Highly experienced or those with ten or more years of experience or specialised surveyors might charge premium rates for their services.
Additional Considerations:
- Specialist Surveys: If the Level 3 Survey identifies specific issues (e.g., damp, structural movement), further specialist inspections may be recommended, incurring additional costs.
- Negotiation Tool: The findings from a Level 3 Survey can serve as a basis for negotiating the property’s purchase price, especially if significant defects are uncovered. So even if the survey cost is high, this can be recouped if you have the information to renegotiate. In some circumstances, the property owner may offer to reimburse you for the survey fee.
Conclusion:
Investing in a Level 3 Survey provides a thorough understanding of a property’s condition, helping you make informed decisions and potentially saving on unforeseen repair costs. Given the variability in pricing, it’s advisable to obtain quotes from multiple RICS-accredited surveyors and obtain what you are getting for that fee, to ensure you receive a competitive rate tailored to your property’s specifics.
Questions to ask the surveying firm and to consider when instructing a surveyor:
a. How experienced is the surveyor in carrying out the survey? Not how experienced the firm is.
b. What complexity of properties has the surveyor undertaken?
c. Are there any extra inclusive services the surveying firm includes that may be more expensive if another firm charges for them?
d. Can you get a call from the surveyor to discuss any points you need clarification on before or after the survey?
e. Finally, do you feel confident that the surveyor carrying out the work knows what he/she is talking about?
