Why getting a survey is key when buying your new home
Here at Residential Matters, a question our legal experts are regularly asked by clients is whether they really need a survey when buying a home.
The answer is always ‘yes’. Getting the correct survey is vital to ensuring that your home is in the right condition before you buy.
Despite this, research has found that:
- Over 7 million UK homeowners chose not to have a survey completed on their home
- 13 million homeowners needed to carry out unexpected building work on their home
- 56% of people said that knowing about the building work needed beforehand would have affected their decision to buy.
So why are so many people taking the financial risk of skipping the survey when buying a property? And how can you ensure that your new home is fit for purpose and in the right condition?
Does a mortgage valuation offer the protection you need?
If you are taking out a mortgage on your home, your lender will carry out a mortgage valuation on the property. Research has shown that 3.6 million homebuyers believed that a mortgage valuation could replace a survey.
However a mortgage valuation is there to protect the lender, not you. Your lender is essentially carrying out their own valuation of the property and making note of any major works which could reduce the property’s value.
In order to get a full picture of the condition of a property, you will still need to carry out a survey.
Do you need a survey for a new build home?
When buying a new build home, many people assume that the property should be in good condition. However, there are specific problems that surveys can identify with new build homes.
Before buying a new build home, we would recommend taking out a New-Build Snagging Survey which looks for specific problems that can occur in new build properties.
What about the added costs?
When buying a home, many people are put off by the cost of taking out a survey. However, getting a survey could save you thousands of pounds in the long run. Adverse report findings could even allow you to renegotiate the price of the property or pull out of the purchase altogether.
When planning to buy your home, it is important to budget for all aspects of the service, including the cost of the survey. You can get more tips on planning for the cost of buying a home here.
Getting the right survey
One thing you will find when looking for a survey is that there are a number of different options available. It may be difficult to know which survey is right for your property, but this is where your conveyancer can help.
The survey you need will depend on the condition and age of the property you are buying. At Residential Matters, we can offer advice on the type of the survey that is right for your property.
When speaking to your surveyor, ask questions about their qualifications and request any references they have to make sure they are right for you.
Get the advice you need on buying your home
At Residential Matters, our dedicated conveyancers are on hand to offer advice on all the legal aspects of buying your home. We will be available to answer any questions you may have and keep you up to date with the conveyancing process.
If you’d like to speak to one of our legal experts about your move, call us now on 01282 695 400.
Or, if you don’t have time to talk right now, you can contact our conveyancing team online.