The Role of the Building Surveyor
Do you really need one?
Buying for Cash
If you are buying a property for cash, you could buy without a survey. However, you would be most unwise to do so. The vast majority of cash buyers do instruct a surveyor to check the property over before they exchange contracts.
Buying with a Mortgage
The confusion sets in when a mortgage is involved. If you are buying a property on a mortgage, the lender will insist that a surveyor visits the property to undertake a valuation for mortgage purposes. Many people assume that this is all the protection that they need.
Approximately 80 per cent of all home buyers do not instruct their own surveyor and rely entirely upon the building society's report and valuation. They are wrong to do so.
Choosing a Surveyor
Surveyors are not all the same and it is well worth taking some time to find a good one. Ask your solicitor, your mortgage lender, your estate agents and any friends who have bought a property recently for recommendations. Ring several firms before you make a final decision. Here are some questions that you can ask:
- Are you on the panel for the mortgage lender that I am using? This is very important. If the surveyor is on the panel (ie approved by) your mortgage lender he or she will be able to carry out the home buyers report or building survey at the same time as the mortgage valuation. This will save both time and money.
- Where are you based? A local surveyor will know about any specific problems that affect the local housing stock and is also likely to have a better idea of local values than someone who is based many miles away.
- How quickly could you get me the report? Every day's delay is another day when something could go wrong.
- Can I telephone you to discuss the report? This is also very important. If any aspect of the report is unclear, you must be able to clarify it.
- Why should I instruct your firm to carry out my survey? A good answer would include issues such as experience, local knowledge and quick turn around times.
- How much will it cost? Fees vary significantly from firm to firm. However, the final decision should not be based on price alone.
