| Should
I obtain a survey? |
A property,
in most cases, will be the largest single purchase
a person will make. It therefore makes good sense
to find out more about it before being committed
to it.
If there are any defects, it could
be expensive, even very expensive, to put them right.
You the new owner will have to foot the bill. If
you have been wise and had a survey, that has made
you aware of the defects, you will then have the
opportunity of taking the appropriate action. In
some cases the surveyor’s report may enable
you to re-negotiate the price. |
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| What
about a mortgage valuation report? |
If
you are buying a property with the assistance of
a mortgage, the lender will probably obtain a mortgage
valuation report to confirm that the property offers
reasonable security for the loan. The valuation is
solely intended to satisfy the requirements of the
lender – NOT THE BUYER. It provides brief details
based on a limited inspection. Even if you receive
a copy of it, it is not sufficiently detailed to
provide you with enough information upon which to
base a decision to proceed with the purchase.
Both
the Consumers Association and the Council of Mortgage
Lenders agree that it is advisable and prudent to
arrange a survey by your own surveyor.
Remember, a mortgage valuation is not
a survey. Spend a little more now and you could save
a great deal later. |
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