Did you know? Although your lender will usually require you to pay for a
valuation report, it only answers the lender’s questions about the appropriate
security of your loan. Although it is often called a ‘survey’ this is incorrect.
You cannot rely on it to highlight any defects or provide you with a detailed
report on the condition of the property.
Both Which? and the Council of Mortgage Lenders advise
that all buyers should commision an independent survey and report on the condition of
the property before buying. Which? found that for most
people who did not get a survey, on average one in four had to spend over £2,500 to put
serious defects right which would have been identified in a survey. For one in ten people
it was over £10,000. By contrast, those that did get a proper survey were able to negotiate
a reduction in the asking price of the property that averaged £2,000.
Carried out by a fully qualified and accredited residential surveyor it gives you
a plain English, professional report on the condition of the property using a simple
1, 2, 3 rating guide. You will understand any risks or unforeseen expenditure that
could crop up when you are settled in.