Homebuyers are facing bills for thousands of pounds by failing to have a sufficient survey of their property before purchase, according to new research from the Royal Institute of Chartered Surveyors.
A quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase.
Despite their importance, many buyers remain confused about surveys. To quote Mr Justice Henry in the Judgement of Lloyd v Butler 1990 a survey is “an inspection by someone with a knowledgeable eye, experienced in practice, who knows where to look”. When purchasing a residential property there are 2 kinds of survey to consider: Building Surveys and Homebuyers Surveys.
David Perrin, Director and Head of Professional Services at Nock Deighton, describes a Building Survey as suitable for all residential properties, providing a full picture of their construction and condition. It is usually tailored to the homebuyer’s individual requirements and includes extensive technical information on construction and materials as well as details of the whole range of defects.
By contrast, a Homebuyer’s Survey is in a standard format and designed specifically as an economy service. It therefore differs materially from a Building Survey in that it is intended only for particular types of home, houses, bungalows and flats, which are conventional in type and construction and in apparently reasonable condition. It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property – although it also includes much other valuable information.
David Perrin asks “why take the risk?” For further advice contact Nock Deighton Professional Services on 01743 241251.
No comments:
Post a Comment