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Frequently Asked Questions |
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My lender will be getting a valuation of the property I'm buying, so, won't this be sufficient ?If you read the literature provided by your lender, it will usually include a warning that their valuation should NOT be relied on to indicate the condition of the property you're buying. This is because its sole purpose is to advise THEM whether or not they should lend on the property and, if so, up to how much. Your solicitor should certainly tell you to get an independent survey if YOU want to know what condition the property is in and whether it's sound or not. Back to TopAren't surveys expensive ?Consider how many THOUSANDS of pounds, £90000, £150000, £250000?, possibly more, you are proposing to spend on a property and also the number of potential problems a property can have, together with possible repair costs. For a mere £300, or thereabouts, (depending on the proposed purchase price) you can have the property thoroughly checked to make sure there's nothing badly wrong with what will, almost certainly, be one of the biggest investments you will ever make - peanuts! Back to TopDo I have any comeback if a Surveyor makes a mistake ?Of course. If a defect is missed and it's one which a 'reasonably competent surveyor' should have picked up, given the constraints and limitations of the inspection, then you may be able to sue for damages, provided it can be shown that the Surveyor has been negligent. Back to TopI'm thinking of selling my house, but what good would a pre-sale survey be ?One of the secrets of successful negotiating is to eliminate as many 'unknowns' as possible; this means obtaining as much information and knowledge as possible before negotiations begin. If your 'opponent' (purchaser) discovers a significant problem after negotiations have begun, this gives him some 'ammunition' with which to fight back and, quite possibly, the negotiating advantage. This can be avoided. It's a fact that 1 in every 4 sales fall through and, of those, a massive 43% are due to problems being discovered by a Valuation or Survey. If these problems had been discovered BEFORE the property was marketed, all parties would have had full knowledge at the outset, thus eliminating the possibility of the purchaser gaining the negotiating advantage. A pre-sale survey will give YOU the advantage. Back to TopI don't need a mortgage to buy the house I'm looking at, so, do I need it checking ?It would be madness not to. If you're paying 'cash', you wouldn't even have the very limited protection of a Valuation and, bearing in mind the potential problems a property can have, buying it without having it surveyed could result in financial disaster and a great deal of unnecessary stress. And if your solicitor doesn't advise you to get a survey, he should be shot! Back to TopHow quickly could I have a survey carried out ?Provided access is easily available, we would hope to carry out the inspection within 3 days of being instructed. Once we have visited the property, the report would be in the post within 3 days. Depending on workload and access, these times could vary and may well be shorter. Back to Top |
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My
lender will be getting a valuation of the property I'm buying, so, won't
this be sufficient ?
