Do I really need a survey?

Here is a common scenario in our Residential Property Department.  Our purchasing  client is asked in the early stages of a transaction if they have made arrangements for their survey.  They respond that the mortgage lender has sorted that out, or they have had a good look around with a builder friend and it all looks ok. After all most people don’t get a survey and they are expensive, do they really need to bother?

What you should understand about the contract being formed when buying a residential property is that it affords no consumer protection whatsoever.

Should any structural problems or repair requirements arise in the future these will be your responsibility in their entirety.  You will have no right of recourse against the seller of the property as they have no obligation to inform you of any problems which would have been revealed by a thorough inspection/survey of the property.

A valuation reportis required by banks & building societies to ensure that if a purchaser defaults on their mortgage payments the property could be sold for enough money to pay off the mortgage.  A valuation report is not a structural survey, which requires a much more thorough inspection.  Serious defects can be overlooked by a valuation report which is purely for the lenders commercial purposes and gives no protection to a purchaser.

A home buyer report or full structural report gives a number of comforts.

• You know if there are any defects with the property that the vendor is under no obligation to disclose to you and can make further enquiries as to the potential cost of repair so that you can be satisfied that the agreed price reflects a fair value and your budget allows for any urgent repair costs.
• You know what maintenance is likely required in the foreseeable future
• You know that the surveyor has a duty of care to you and will be liable if anything within their remit is overlooked.
• They may be able to assess flooding risk which is a growing area of concern  
• They can highlight legal matters that your solicitor (not having viewed the property in real life) could not be aware of and can then investigate and advise you on.

For these reasons we always recommend our purchaser clients obtain an appropriate independent survey report and quotations for the cost of repairs that they may wish/need to carry out.  A purchaser should be satisfied with this information before signing a contract. 

This is the kind of straight-talking down to earth advice that you will receive from your solicitor at Worthingtons. One of our experienced and approachable residential property team members is always available to talk you through the property acquisition process, your options and the risks. We aim to make the process as transparent and risk free as possible.

Please do not hesitate to contact Lauren McShane and the property team on 02891811538 or 028 90 434015 should you have any queries.