Today Churchill Insurance released their latest research stating that over seven million homeowners did not have a survey before buying their property.
Andrew Bulmer FRICS, RICS UK Residential Director responds.
If ever there was a subject needing mythbusting, this is it. As this data shows, every year hundreds of thousands of home buyers still rely on a lender’s mortgage valuation, assuming that it is some sort of survey. It isn’t. The lender obtains a simple valuation of the property to make sure they can lend safely, and these are sometimes completed without visiting the property using just a desktop valuation.
The message for home buyers is clear; a home is the most expensive purchase you will ever make and going down a cheaper route will be a false economy if works are required.
There are various levels of survey, and it is vitally important to have a qualified surveyor look at your property if you truly want to know what you are buying.
RICS have consumer guides on (available on this page) to help consumers choose the right survey for them.