"it’s imperative to get either a homebuyer’s report or a complete building survey"
- Nick Cheek, Deputy Money Editor, Which?
Consumer rights advocate Which? are strongly urging homebuyers across the UK not to rely on their mortgage lender’s valuation, insisting “the valuation isn’t a survey and won’t tell you if there are any potential problems”.
The true cost of not getting a Survey
Three quarters of property purchasers do not get a Home Buyers Survey - Research by the Royal Institution of Chartered Surveyors (RICS) confirm that the average cost of repairs which are missed by a mortgage valuation (and that a Home Buyers Survey would correctly identify) is a massive £1, 818.
Just when buyers are finally settled, unpacking and tying up their last few moving expenses, they can discover problems which need immediate attention, and that means yet more expense.
Generally, the principle of caveat emptor applies, and though it may seem unfair, there is nothing the new owner can do at this stage to force the seller to pay. It is simply too late.
In Fridaysmove’s own experience of Home Buyers Surveys, the cost of urgent repairs required for some homes can exceed tens of thousands of pounds.
Blind to the danger of buying without a Home Buyer Survey
Homebuyers may choose not to acquire a Home Buyer Survey, believing that, from they have seen of the property, there are no obvious defects. Nevertheless, recent data from Which? states that a shocking 25% of buyers who moved in the last 5 years later discovered problems with their new home.
What is most revealing about Which?’s study is the confirmation that 58% of those purchasing a house or flat were under the impression that the valuation from their mortgage lender actually was a survey. One can image their surprise and disappointment when they discovered that was not the case.
Noticeable maintenance may seem quite inexpensive; after all, almost every residence has a few quirks to sort out. However, it may be the hidden (and very costly) issues only a professional Surveyor could identify that turn a dream home into a nightmare.
Fridaysmove wholeheartedly support the advice given by Which? – Quite simply, buying any home without a Home Buyers Survey is not an option.