A question you may be asking is
"I have had a Mortgage Valuation, why should I have a Survey?"
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.
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 thelender, not the purchaser.
Even if you are paying for a mortgage valuation report, RICS still recommends you arrange a survey with your own surveyor.
There are two options available; an RICS Homebuyer Report, which provides an inspection and report on the property’s condition, plus a valuation.
A building survey is more detailed, and may be the best option if the property is old, in a bad state of repair, has been significantly altered, or if you are planning a major conversion or renovation.
To help homebuyers navigate the survey market, RICS has prepared some helpful tips:
Your mortgage company or IFA will offer you advice on your finances, but it is a chartered surveyor who can offer you professional advice on the property itself.
advise you on what is a reasonable price to pay for the property and flag any serious defects or risks with the property.
The old adage a "stitch in time saves nine" couldn’t be truer when it comes to property.
76 per cent of those questioned agreed that a more comprehensive survey could potentially allow you to negotiate a better deal with the seller.