If you buy your home, you will take on responsibility for any outstanding repairs or structural problems although the sale price will reflect any that are discovered on valuation. This is often referred to as “caveat emptor”, which means “let the buyer beware”.
In order to make the right decision you must satisfy yourself about the structural condition of the property. Prior to making you an offer to purchase, we will carry out a limited valuation inspection. This is not a survey of the structure of the property. If you are buying with a mortgage the lender will require a mortgage survey to be carried out.
This involves a limited inspection and is designed to enable the lender to decide if the property offers suitable security for lending purposes. We therefore recommend that all prospective purchasers commission their own Homebuyers Report or Structural Survey.
You will have to pay for them but with the consent of the mortgage lender it is sometimes possible to combine a structural report with the mortgage report, which will save your money. Such a report may cost hundreds of pounds but compared to the value of the property it is a small cost in percentage terms. Addresses and telephone numbers for local Chartered Surveyors that will provide survey reports can be found in the phone book or on the Internet at www.ricsfirms.com
A survey can cost between £250 and £600. If your home has any special problems you may need to consider further surveys, which could cost the same again, or more.