The importance of having a survey carried out is crucial to every purchase transaction
23 April 2018 by Audrey McKenna
The importance of having a Home Buyers Report or RICS Building Survey (generally advised if a building is over 50 years old) carried out is crucial to every purchase transaction.
Relying on the Lender’s Valuation report can be a risk as this is only for mortgage purposes and will not highlight any property defects, advise on repair and maintenance, highlight whether any alterations made to the property and check that they meet the current building regulations, market valuation and rebuild costs.
Works required to be carried out to a property which are not identified until you actually move in could prove costly and will be your responsibility to pay for with little or no recourse to your seller once you have purchased the property.
We always highly recommend that an independent survey report is carried out prior to commitment to exchange of contracts. I cannot tell you how many times I have been contacted by a client having purchased a property and relied on the valuation report, calling to say that there are problems with the property and what can they do about this? The answer is very little unless of course reliance was placed in a statement from the seller prior to exchange of contracts.
You wouldn’t buy a car without ensuring it had an MOT or indeed an appliance such as a washing machine without a warranty.
The purchase of a property is probably the largest financial commitment you will ever make and therefore why proceed without the certainty that what you are buying is in order. When you consider the purchase price in comparison to the cost of a survey, personally I would consider this to be minimal expenditure when you consider the cost of removing dry-rot, damp, subsidence or getting the electrics rewired or replacement windows.
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