In a survey of its members, Which? found that although 80% of buyers said they wanted a survey on the home they were considering purchasing, less than 20% actually got one. Whilst some people don’t want the extra expense, the majority do not get a survey as they often mistakenly believe that the lenders mortgage valuation is a survey.
Mortgage lenders, financial advisors, solicitors and conveyancers all recommend that you get independent advice about the property you are about to buy.
This is important as the survey by Which? also found that for those people who did not get a survey, on average 1 in 4 spent over £2,500 and 1 in 10 over £10,000 fixing serious defects, which might have been uncovered in a survey. Those that did get a survey were able to negotiate a reduction in the asking price of the property that averaged £2,000.