Our Comprehensive Guide to Pre-Acquisition Surveys

Why do you need a Pre-Acquisition Survey?

As an owner, a pre-acquisition survey will help you maximise the value, condition or use of your property and minimise liabilities and ensure you are safeguarded from changing statutory requirements. For individuals and businesses wishing to purchase or lease, pre-acquisition surveys provide peace of mind and detail often not found in lender valuation surveys.

What is a Pre-Acquisition Survey?

A pre-acquisition survey (sometimes referred to as a building survey or structural survey) is a comprehensive assessment of a property’s condition and structure. It allows you to understand the current state and structural integrity of the property, whether it is suitable for the way you plan to use it and what future costs and other liabilities that you will be responsible for. 

What should the Pre-Acquisition Survey include?

Your survey report will include details of the building extent, construction and location, and detailed assessments of the internal and external condition and structure of the property, along with comprehensive photographs. It will also include information on any deleterious or harmful materials (e.g., asbestos) that were identified, advice on legal compliance issues, consideration of environmental hazards and advice on whether specialist investigations. such as drainage surveys or land contamination assessments, need to be carried out.

Benefits of completing a Pre-Acquisition Survey

There are many benefits of a pre-acquisition survey. It can help you make an informed decision on how much the property is worth. It can give an estimate on the life cycle costs of a building or property, as well as advice on refurbishments or improvements and repair obligations. This information can be essential at the beginning of the process in order to negotiate the most appropriate purchasing deal. A survey report also provides a level of protection if anything goes wrong.

Another key benefit of a pre-acquisition survey is that it helps to ensure due diligence and keep tenants safe in the property. By reporting on statutory issues, the owner and buyer can be aware of any issues with the property that need immediate attention such as asbestos or land contamination issues.

What happens when the survey is complete?

When the results of the survey are received, the next step is to create an action plan. You should consider any parts of the survey that were of any particular concern to you or if there was any presented information that may lead you to believe you will encounter any significant cost expenditures in the future.

VKB Building Consultancy carry out Pre-Acquisition Surveys for private and commercial premises of all types and can adapt the report to suit your requirements. As chartered surveyors, we adhere to the RICS and CIOB strict codes, such as impartiality technical ability and indemnity, ensuring that all surveys are carried out to a gold standard. This means that our reports can be reliably used in price negotiations and can be trusted by all parties. Click here to contact us for more information.