Conveyancing

Surveys

A survey of a property will confirm to you: -

1. That the property is worth the price you are paying for it;

2. That there are no defects in the property that would not or may not be apparent on inspection by you; and

3. That there are no significant repairs that need to be carried out to the property.

Bearing in mind that the purchase of a property is usually the biggest financial investment we make in our lives, we would always advise that some form of survey be obtained before you commit yourself to buying the property.

There are various levels of survey that may be obtained, ranging from a simple valuation (which will confirm the value and disclose any major defect in the property) to a full structural survey which will confirm the value, disclose all defects in the property and provide a full and comprehensive report on the state of the property.

If you are obtaining a mortgage or secured loan in connection with your purchase of the property, you will be asked by your lender to pay to them a valuation fee and may even be supplied with a copy of the valuation report they obtain. You should be aware of two points in relation to that valuation:

1. The valuation has been obtained by and for the lender, so that if the surveyor has been negligent the lender is the one that has the initial right to sue the surveyor, not you (although it is possible that you will be able to rely on the valuation report in certain circumstances).

2. The valuation is no more than a valuation and is not a full survey. It is intended to confirm that the lender has adequate security for its loan. It is entirely possible that there may be problems with the property which would not be disclosed on a valuation, but would be found if the surveyor were to carry out a more detailed survey.

If you would like further advise on a survey or if you would like us to recommend a surveyor, please do not hesitate to contact us.

If the survey report does reveal defects in the property of which you were unaware you have the right to renegotiate the terms of the transaction with the Seller to take account of the defects at any time prior to exchange of contracts.