We find that people have many questions, some of them quite common. Here are some frequently asked questions and our advice.
SHOULD I HAVE A SURVEY?
Almost certainly the answer is YES.
For most people, the purchase of a home is the largest transaction they will ever make, involving many thousands of pounds.
Virtually all properties possess faults, and even new properties can have problems which only an experienced eye can detect. Yet many appear unwilling to have their own qualified and experienced chartered surveyor inspect their new home before finalising the purchase.
Even the discovery of minor defects can be a costly addition to the purchase price, and can outweigh the cost of having a survey carried out.
A purchase made on the basis that everything appears in order without checking, can prove to be an expensive assumption in the fullness of time.
Alternatively, if defects are discovered early, the potential cost can be used to renegotiate the price if desired, or it may warn clients against an unsuitable property (potentially saving considerable expense, stress and inconvenience).
IS A BANK/BUILDING SOCIETY VALUATION REPORT SUFFICIENT?
Many buyers believe a valuation for mortgage purposes will confirm the soundness of the property they are purchasing. However this type of valuation report is merely to confirm to the lender that the property is adequate security for the loan.
Comments regarding the property are limited to those considered necessary to protect the lenders interest.
Alternatively a Building Survey or RICS Homebuyer Survey and Valuation provides a more comprehensive report, covering construction and condition on an item by item basis, externally and internally. It not only covers current expenditure but also potential future areas of cost.
HOW MUCH WILL IT COST?
This depends on the age, size and type of property, but is probably less than you think. In most cases we are happy to provide a free quote over the telephone.
Many clients find the cost involved to be far less than the potential saving resulting from taking advice.