“80 PERCENT OF PEOPLE DO NOT GET A SURVEY.”
People think a lender’s valuation survey checks condition – It doesn’t!!
The reason for this is that the mortgage valuation report is prepared for your lender, not for you, the borrower. It answers only the lender’s questions about whether the property offers suitable security for your loan. You cannot rely on it to answer the questions that concern your personal interests or to give you details of the condition of the property. Also, some lenders do not provide you with a copy of their mortgage valuation report.
Before you decide to commit yourself legally, you can limit the risks by asking a surveyor to answer the following questions for you:- What is a reasonable price to pay for the property?
- Are there any serious or urgent defects, or specific risks with the property?
Arranging your own survey is the simple and most cost-effective way to avoid unpleasant (and perhaps expensive) surprises after moving in. In some cases, the surveyor’s report may allow you to renegotiate the price of the property.
A third of people said that they had missed a problem because it had not occurred to them to look! Sellers don’t have to tell you about problems – common cover-ups include painting over damp, putting furniture in front of cracks, rugs on floor problems… the list goes on.
The Property Misconceptions Act 1991 states that estate agents can’t be misleading, but they don’t have to reveal problems either.
A survey is vital as there are some problems you just can’t confirm for yourself. Even if you suspect damp or subsidence, only a surveyor can tell you for sure.
OF THOSE WHO HAVE A SURVEY:
- 44% negotiated money off
- 10% ensured the problem was corrected
- 25% of people said if they had known about a problem, they would have tried to negotiate a discount
- 10% said they wouldn’t have bought the property at all
- 25% of people felt that problems had been hidden from them A survey will help you to make a reasoned and informed decision on whether to go ahead with buying a property.