Type of survey for a second hand new build

MrCarrot

I am in the process of buying a second hand new build, 5 years old.  I know the question of what type of survey comes up regularly, and to me the answer seems a bit more obvious the older a house is.  My last house was built in 1980 and I took the approach that it was still standing after 25 years and also modern enough to not worry, so I just went with the bank valuation and didn't have my own survey.

But what about a second hand new build?  I know some would say it has 5 years NHBC warranty remaining so no survey is required, but unless the house was about to fall down I don't believe NHBC warranty is worth the paper it's written on.

I know there is a Homebuyers Survey and a RICS Level 1 (I am not sure of the difference between the two, or if they are the same thing), but then I wonder if a professional snagging report would be more appropriate.  Or whether I am worrying too much and don't need anything at all?

Thanks

TheJP

Homebuyers survey in essence is a RICS L1, a L2 goes into more detail around the overall structure of the property and a L3 covers all and goes into much more focus on the structural integrity of the property.

As its a 5 year old home and still covered by warranty i would get a home inspection report or a professional snagging report. That way you will see what elements the warranty can cover and some elements that may be beyond that.

JJR45

TheJP said:

.

As its a 5 year old home and still covered by warranty i would get a home inspection report or a professional snagging report. That way you will see what elements the warranty can cover and some elements that may be beyond that.

Only thing covered after 2 years is basically major structural.

esubbs

We're in the process of buying an 8 year old property and went for a RICS level 2 or homebuyers survey (level 1 is basically an enhanced valuation). As it's a newer property it wasn't particularly expensive but gave a better overview of what was there and the condition.

A snagging survey would be pointless after 2 years as any defects would have to be claimed through the nhbc(or equivalent) policy, which usually has an excess of £1-2k so is only really useful for major structural issues.

MrCarrot

esubbs said:

...went for a RICS level 2 or homebuyers survey (level 1 is basically an enhanced valuation).

TheJP said:

Homebuyers survey in essence is a RICS L1

Thanks all, sounds like a homebuyers survey is the one to go for, but there is confusion above as to whether a homebuyers survey is RICS Level 1 or RICS Level 2.  I'm assuming it's a RICS Level 1 but have read conflicting information.

Does anyone have an indication of typically how much these cost?

trakky14

Homebuyers level 2 is about £400-600 depending on where you are from experience..never had a level 1 

TheJP

JJR45 said:

TheJP said:

.

As its a 5 year old home and still covered by warranty i would get a home inspection report or a professional snagging report. That way you will see what elements the warranty can cover and some elements that may be beyond that.

Only thing covered after 2 years is basically major structural.

Yes hence what i suggest will tell you what issues may be covered by warranty and what issues you can negotiate with the seller.

esubbs

MrCarrot said:

esubbs said:

...went for a RICS level 2 or homebuyers survey (level 1 is basically an enhanced valuation).

TheJP said:

Homebuyers survey in essence is a RICS L1

Thanks all, sounds like a homebuyers survey is the one to go for, but there is confusion above as to whether a homebuyers survey is RICS Level 1 or RICS Level 2.  I'm assuming it's a RICS Level 1 but have read conflicting information.

Does anyone have an indication of typically how much these cost?

It will depend on the type of house and area but our level 2 homebuyers with valuation on an eight year old four bed detached cost £500. The level 1 valuation we were quoted as £360, and level 3 structural £900. This was a month ago.

Back in March a previous purchase fell through on an older property (still 4 bed and in the same town). The level 2 survey for that was quoted as £740.

This is a link to the rics explanation of the different survey types:

https://www.rics.org/uk/upholding-professional-standards/sector-standards/building-surveying/home-surveys/

JJR45

TheJP said:

JJR45 said:

TheJP said:

.

As its a 5 year old home and still covered by warranty i would get a home inspection report or a professional snagging report. That way you will see what elements the warranty can cover and some elements that may be beyond that.

Only thing covered after 2 years is basically major structural.

Yes hence what i suggest will tell you what issues may be covered by warranty and what issues you can negotiate with the seller.

A level 2 would not cover major structural, it would advise further investigation. A level 3 would cover structural if you wanted to check NHBC coverage items after 2 years.
My point was that the snagging report would be useless as you tend to do them on a newbuild before completion or under 2 years old. As it is 5 years old there are bound to be minor issues from everyday use like all other houses. But like most reports you only find out after moving in as they presume most things are in good order (taps, shower, boiler etc.)

I would go level 1 as the biggest fear (major structural) would be covered by warranty. 
To me level 2 is useless (we had one before and it was awful and missed things we wanted them to check)
This purchase will be relatively safe as the warranty is in place, if it had been extended, walls were taken out etc, I would go level 3.
Level 2 is just level 1 with a few more caveats bolted on, would never do one again.