When purchasing a house you could be forgiven for thinking that you do not need a survey carried out because "the mortgage lender has carried out a valuation". Unfortunately, many buyers assume that the mortgage lender would not lend on a property if, for example, the roof ws likely to fall in within 2 years. What they do not realise is that there are different levels of surveys carried out but the cost of these is minimal when you consider what the survey could reveal. For example, a Homebuyer's Report costs around £500 but if it establishes that the roof requires replacement you can speak to your estate agent and renegotiate the purchase price to take this into account, saving you thousands of pounds and lots of stress.
According to Chartered Surveyors, e.surv, 8 out of 10 buyers still do not have a survey carried out on their new property.
HMRC report figures in the region of around 880,000 residential property transactions across the UK in 2010. This means some 700,000 buyers could end up paying out more than the initial cost of the survey.
Sadly, this is probably down to the homebuyer budgeting every last penny when it comes to conveyancing costs but in the grand scheme of things you cannot afford not to budget for a survey.
If you are buying a property would like some advice, give our Property Team a call on 01606 74301.