This is a survey of a property you may be looking to buy that’s much more detailed than the basic valuation. It’s for your benefit, rather than the mortgage lender.
It will highlight potential problems with a property, such as subsidence, damp or woodworm. This can help you decide whether to go ahead or not with the purchase, or whether to look to renegotiate the price.
It is always a sensible (and we would say essential) precaution to have a survey of your purchase property especially if the property is an older build.
A recent Which? Survey disclosed:
‘Those who missed problems spent an average of £2,500 putting them right. One in ten spent more than £10,000. Mark Morris from Newbury told us: ‘Since moving in, I’ve found the rot and damp was much worse than I thought. I’ve also spent several hundred pounds making the electrics safe.’ A quarter said that if they’d known in advance, they would have tried to renegotiate the price, and more than one in ten said they wouldn’t have bought at all'.