One of the most common questions we get asked is:
"We've already had a mortgage valuation why do we need a survey?"
The short answer.... A mortgage survey is not a survey and does not look at the items we do.
Mortgage valuations are to determine if the property is worth the amount you've agreed to pay for the property. Sometimes they are done via a desktop study and don't even require someone to inspect. The valuation report is for the benefit of the lender only and not you, even though you have to pay for it.
A Homebuyers Level 2 or Level 3 Building Survey is a detailed inspection of a property both internally and externally. It will tell you if there are any structural problems or if there are any major repairs necessary i.e. roofing works. A surveyor is independent and works on your behalf.
The other benefit of a survey is that it can save you money. Buying a home is likely to be one of the biggest purchases you will ever make so it is important for to be informed about your investment.
Scrimping on a survey can cost you dearly in the long run. According to the RICS recent information indicates that buyers face on average £5,570 in repair bills due to hidden problems.
Commissioning your own survey is a cost-effective way to avoid unwelcome costs and surprises.
Further too the above, your survey and cost schedule can help you renegotiate costs by asking the vendor to get the work done prior to the sale completion and/or reduce the price to reflect the necessary works.
We regularly undertake Homebuyers Level 2 and Level 3 Building Surveys on residential properties across Rochdale, Manchester, the North West and across the UK. If you are interested to understand more please contact us directly. We are happy to help in anyway we can.