WHY DO YOU NEED YOUR OWN SURVEY?
The best way to reach an informed decision on such an important investment as a home is to have a professional survey and perhaps valuation of a property which interests you. Before you decide to go ahead and commit yourself legally you can minimise the risk by employing a qualified Chartered Surveyor to answer any questions for you.
Is the agreed price reasonable?
Are their drawbacks that I don’t know about?
If so what do I need to do about them?
Commissioning your own survey is the simplest and most economical way to avoid unpleasant and perhaps costly surprises after moving in !
In some cases the survey report may enable you to re-negotiate the price
BUT I ALREADY HAVE A MORTGAGE VALUATION!
Even if you are seeking a mortgage and are perhaps paying for a mortgage valuation report, it is still advisable and prudent to arrange a Survey by your own Chartered Surveyor.
The Consumers Association Which? Magazine and Council of Mortgage Lenders both give this advice.
The reason is simple. The mortgage valuation report is prepared for the lender and not for you the borrower. It answers the lenders questions concerning the appropriate security for your loan.
You cannot rely on it to answer the questions which concern your personal interests.
