15
Feb
More buyers 'should opt for survey'
Less than 30 per cent of home buyers decide to have a building
survey of a property they are about to move into and instead rely
upon the valuation by a lender, according to Manning
Stainton.
Mike Andrews, professional services director at the firm, noted
that this measure can be a good one in the case of older or
"unusual" homes.
Such a survey may also cost about one per cent of the value of a
property and not many thousands of pounds, Mr Andrews
suggested.
"It's a very thorough examination of the property which not only
looks at the structural condition but also determines the condition
of wiring, central heating and drainage issues amongst other
things," he commented.
By comparison, the check by a mortgage lender is only designed to
see whether or not the home is at the correct valuation they have
given.
The Royal Institution of Chartered Surveyors has itself recently
asked what the difference is between a valuation and a survey, with
the release of a separate guide.