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'.
Morgan Jones and Pett are
solicitors who provide legal advice and services to clients based in England
and Wales and who can be contacted on 01603877000 or via email at davidpett@m-j-p.co.uk
