Buying a house is probably the most expensive purchase you are likely to make, It may surprise you, therefore, that 80% of house buyers do not have a survey carried out before they buy.
In England and Wales if you buy a house and then discover defects the principal “Let the Buyer Beware” (caveat emptor) applies. As a result it is estimated that 1/4 of buyers will have to carry out unplanned repairs with the average bills being around £1400.00.
Most buyers who have a mortgage rely on the lenders report- but this is very basic and may only be a “drive-by” report.
It is much better to pay for a more detailed report. The Royal Institute of Chartered Surveyors (RICS) have 3 basic reports:
- Condition Report
- Home Buyer Report
- Building Survey
The cheapest of these costs around £300-£400- a small price to pay for peace of mind.
For more information go to www.rics.org/homesurveys or contact QualitySolicitors Parkinson Wright for advice on 0800 707 6670