By Isle of Wight Observer
This is a question our clients regularly ask us. Understandably, everyone is keen to avoid unnecessary costs during what is often already an expensive time. However, the temporary saving could cost you dearly in the long run.
Bizarrely, many people carry out more thorough investigations when buying a second-hand car than they do when purchasing a property! Research carried out by the insurance firm, Churchill, showed that on average in the UK only 25 per cent of all homeowners purchase a property survey for their new home – which leaves 75 per cent exposed to additional risk.
Often our clients believe the mortgage company’s valuation is as good as a private survey, but this is not the case. Nowadays desktop valuations on behalf of mortgage lenders are commonplace, which means the valuer does not even see the property. In addition, there is no obligation for the mortgage company to disclose the valuation to you and you certainly won’t have any right of recourse to the valuer, as they don’t owe you any duty of care. Essentially, the mortgage company is only checking that the value of the property is sufficient to protect the monies being loaned to you, they are not checking the price you have agreed is a fair market price, nor what issues you (as the homeowner) may wish to be aware of.
One of the obvious benefits of arranging your own survey is so that you can proceed with the purchase with full knowledge of any future repairs. Although the initial survey cost can be a consideration, it is always worth bearing in mind what effect it will have on you if you have an unexpected repair bill in the future.
Just because a survey shows defects that require repairs, usually you can still decide how you wish to proceed. Often buyers will use their survey results to renegotiate the purchase price with the seller so that they have money in hand to complete the repairs following completion.
If you would like to speak to a member of our Residential Property team please contact us on 01983 533938.