15 Feb

More buyers 'should opt for survey'

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.ADNFCR-1222-ID-18469659-ADNFCR

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