News: Lax buyers in house of horrors risk

Thu, 06 Sep 07

An amazing 80% of UK homebuyers fail to commission a building survey when buying a new home...

This leap of faith means risking a minefield of potentially costly repairs in the future warns London-based CharteredSurveyorsDirect.com.

“In most instances, a mortgage lenders inspection is sufficient for determining the market value and establishing lending criteria. However it may miss structural defects which could result in the property being worth substantially less than the asking price,” advises John Young, Associate Director at CharteredSurveyorsDirect.com.

“We have found consumers do not always get value for money when only relying on mortgage surveys, as the duty of care favours the mortgage company. In fact, many consumers do not receive copies of the report and therefore cannot reasonably be expected to know the true condition of the property.”

Expensive surprises

To avoid unwelcome surprises when the removal vans leave and mortgage repayments start,
it’s advisable to commission a homebuyer survey or building report by a registered chartered surveyor before completing the purchase.

Not only will the survey include an inspection of the external parts including the roofs, elevations and rainwater goods but will also check internal areas for problems such as cracking or dampness.

CharteredSurveyorsDirect.com will also provide an opinion on the overall state of the property, including essential repairs and, where appropriate, an estimation of costs, helping to unmask potentially expensive surprises before an agreement is reached with the vendor.

Opinion on market value

Building survey reports often include colour photographs illustrating the main defects as well as a Homecheck Report (a specialist online database providing information on flooding, subsidence, pollution, landfill sites, schools and crime rates).

For buildings constructed in the last century, a Homebuyers Reports is also a viable option for those considering purchasing a property. The Homebuyers Report is a briefer version of the building survey, reporting on serious and significant defects as well as offering an opinion on market value.

Find out more at: http://www.charteredsurveyorsdirect.com

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