Is a Mortgage Valuation enough when buying property?

Often, home buyers have relied on a mortgage valuation commissioned by their lender rather than paying for a professionally prepared Home Buyers Report or Full Structural Survey. This can often be a very short sighted decision. The amount of money involved in purchasing a house makes the argument for seeking a professional survey very strong indeed.If you rely solely on a mortgage valuation, you have no idea what risks you are taking on, or how much you might be able to knock off the asking price when armed with a Report which lists the defects and work needing done – particularly in the current weak housing market. A valuation report does not assess the buildings condition including damp or structural movements. For this information you will need a Full Building Survey Report. Such a report will cost somewhere in the region of £275.00 to £400.00 depending on the age and condition of the property – a relatively small outlay for peace of mind and avoidance of nasty surprises. Bad news can be good news for purchasers provided they are well-informed before completion. It is widely accepted that 75% of homebuyers who had paid for a Survey, were able to agree a reduction in the purchase price – ‘fore-warned is fore-armed’ – particularly in a buyers’ market!

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