"Homebuyers in England and Wales are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase, according to new research* from RICS.
A quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase. On average, the bill for these works, such as damp proofing or repairing a roof, came to £1,818 – but the cost can be much higher.
Home surveys help buyers make informed decisions on whether to go ahead with buying a property, before legally committing themselves. Despite their importance, many buyers remain confused about surveys.
A mortgage valuation report is often wrongly assumed to be a building survey. Actually, it is purely an indication of the property’s value for loan purposes, prepared for the lender, not the purchaser. Most importantly, it won’t uncover any potential problems. However, when questioned, 58 per cent of respondents wrongly believed a valuation report included the building’s condition, including searching for damp and structural movement. A further 31 per cent were mistakenly under the impression it included advice on any legal issues a solicitor should investigate.
Even if you are paying for a mortgage valuation report, RICS still recommends you arrange a survey with your own surveyor. There are two levels available; a House or Flat Purchase Report , which provides an inspection and report on the property’s condition, with or without a valuation. A building survey is more detailed, and may be the best option if the property is in a bad state of repair, has been significantly altered, or if you are planning a major conversion or renovation......."
Choose the type of survey that best suits your need by visiting our Choosing a Surveys Guide or call us or leave a message to discuss and obtain a quotation and we will get back to you.
Woodward Chartered Surveyors Harrow covering Middlesex, North West London, Hertfordshire and Buckinghamshire.
Regulated by the Royal Institution of Chartered Surveyors
