Buying a property is quite possibly the biggest financial investment you will ever make… James Cullen, Head of Building Surveying, explains why you should instruct a full building survey before acquisition.
What is a Basic Valuation Survey?
- Required by the Mortgage lenders prior to approving a loan;
- Confirm to the lender whether or not they can recover their investment if the property be repossessed;
- This survey is not completed to provide detail on key structural and maintenance issues.
Pitfalls of Basic Valuation Surveys…
I have often been reminded that Basic Valuation Surveys are completed in less than 15 minutes… some of which do not incur a site visit or even involve entering the property or the roof space.
Similarly, with the rapid uptake of lump sum pension payments; there are a number of buyers on the market purchasing buildings outright without additional sources of finance. In this case, there is no minimum valuation survey requirement.
Consequently, purchasers are often exposed to a high level of risk. They are liable to commit the funds to maintain and repair the properties under their ownership. More often than not this liability is realised when it is too late to digest and plan for such issues.
Why Instruct a Full Building Survey?
According to research undertaken by consumer group ‘Which’; at a time when a purchaser is already expending funds, a survey can seem like another painful expense.
Typically, 20% of property buyers fail to commission a building survey prior to going ahead with a property transaction. This alarming figure identifies that the majority of property buyers run the risk of buying a property that could present major and costly defects which are unidentifiable to the untrained eye.
It is far better to be aware of any issues before purchasing a property so that informed decisions about how much the property is worth can be made and that the cost of any repair works can be considered at the outset.
This detailed survey can often be used to negotiate the purchase price down with the vendor, or can be set aside as a useful plan to target repairs, budget and recourse in the future.
Why instruct George F. White?
We pride ourselves on offering high quality, detailed and informed Building Surveys to reassure purchasers and identify the clear concerns with any building and where to target resources for repairs in the future.
Only the highest level of RICS compliant building survey is offered to our clients for the very reason that their security and protection is our highest priority. Moreover, this saves the unnecessary expense of revisiting and undertaking further investigation works which are often referred to in surveys such as a homebuyer’s survey.
For more information, a friendly service and advice tailored to meet your requirements, please contact James Cullen.