Why have a Survey?

Purchasing a property is the biggest expense that most people ever commit to yet, on average, only 20% of the purchasing public commission the undertaking of a Condition Survey and Valuation of a property prior to purchase.

 Currently in the UK, the average price of a property is circa £165,000 yet 80% of the buying public are not prepared to pay a fraction percentage of that to find out the condition of the property they propose to live in for, on average, 7 years. Most people rely on a Mortgage Valuation carried out by the Lender. This is a flawed approach.

 Maintenance costs are ever-increasing, with the cost for a day’s work by a skilled man averaging £200 plus VAT per day. The price of a new window frame is circa £300 plus VAT, which is the cost of the average Survey.

What purchasers need to appreciate is that a property survey would help a buyer make a more informed decision on whether to proceed with the purchase before entering into a legal commitment. One of the main problems is confusion of the products on the market. A Mortgage Valuation Report is often referred to as a ‘survey’. It is not. It is a standardised brief inspection to give an indication of the property’s value for loan purposes. It is prepared for the Lender whose prime motive is, after all , lending the finance. Lenders are not concerned with maintenance management, repairs or the potential of a property. Whilst highlighting very serious repairs, the Mortgage Valuation Report  will not uncover any potential problems.

Commissioning a Chartered Surveyor to carry out an RICS Home Buyer Report or Building Survey, depending on the property type and condition, will involve a detailed inspection of the property, ultimately leading to providing an accurate valuation, having regard to the condition of the property market.

What purchasers also need to appreciate is that a survey often leads to a better price being achieved for the property, allowing the potential for re-negotiation on the purchase price. In uncertain economic times it makes sense to achieve the best possible value when considering a purchase.

Purchasing a property is an emotional experience. Instructing a Chartered Surveyor to carry out an arms-length survey will ensure the right decision is taken.

At Edward Jackson the Partners have the in-depth local knowledge of property types, ground conditions and land economics to help clients meet their needs.

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Please contact Alastair Sharman or Robin Underwood
Tel: 01704 546686
Fax: 01704 501173