Liverpool house hunters are being urged to carry out an independent survey before purchasing a property, as First Time Buyers Fortnight gets underway.
With young people being encouraged to step onto the property ladder during the 13-26 February initiative, city law firm Paul Crowley & Co is raising awareness of the differences between a full survey and a mortgage valuation report which may not identify defects to a property.
Mike Carter, head of conveyancing at the firm, tells Your Move: “The valuation process is simply a superficial inspection to check on the value of a property and does not offer an in-depth inspection of the property.
“I recently saw a mortgage valuation from a high street lender which stipulated it was desktop only, meaning the valuer had not even visited the property.
“A prudent buyer should give serious consideration to having their potential home surveyed by an independent surveyor to identify any structural or other defects likely to give rise to problems and expenditure in the future.
“If items are identified by your survey report then you will have the opportunity to get any relevant costings, giving you the power to negotiate over the price with the seller.”
Mike’s comments come as a RICS (Royal Institution of Chartered Surveyors) poll has also revealed that 51% of chartered surveyor members believe buyers don’t know the difference between a mortgage valuation and a home buyer survey.
RICS has developed a ‘Buying a Home’ Guide to offer impartial advice and support around what to expect when buying a property and instructing a solicitor.