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Property Surveys

The general law provides that for the buyer of a property the maxim applied is "CAVEAT EMPTOR" or "BUYER BEWARE!".

Generally, therefore, the seller gives no warranty about the condition, or structure of the property, nor will the seller be liable to you if there are defects in the property. The cost of remedying defects will be the buyer's not the seller's so we stress how important it is that you satisfy yourself as to the state and condition of the property you are buying. We advise in virtually every case that a private structural survey is carried out by a professionally qualified surveyor or other expert.

Please ask your surveyor to contact us before the survey is carried out so that we can pass on any relevant information we may have. It may also helpful for you to instruct us to review the surveyor's Report as such reports often highlight points which arise from a critical inspection of the physical aspects of the property.

If you obtain mortgage finance the lender, (Banks are generally an exception to this) will normally arrange for the property to be inspected, normally after your status as a borrower has been approved. The purpose, generally, of the lender's survey is to ensure that the property is adequate security for the amount of the proposed loan. In many cases, the price at which the lender values the property for security purposes is less than the price agreed between buyer and seller. Many lenders' surveys call for the borrower to obtain specialist reports, the results of which either have to be approved by the lender and/or require the work recommended by specialists to be undertaken by the borrower before or after completion. The extent of works required may be so significant that the lender will not make an offer of mortgage, or perhaps an amount of the mortgage advance will be retained until some or all of the work has been carried out to the lender's satisfaction. The property will be re-inspected and all or part of the retention released. You may be entitled to see a copy of the survey report prepared for the lender, and you may then consider that a full structural survey is not required. You should be aware that the usual Lender's survey is designed solely to check that the property is adequate security for the amount being lent. We do urge you, however, to consider your decision most carefully - taking into account the age, location and type of property you intend to purchase.

Without the result of a full structural survey you may be in difficulty if you wish to renegotiate the price and, as stated earlier, once you have purchased the property and defects are then found, you will have little recourse to the seller and you may find problems arising when you want to sell. It is unlikely that the central heating system, drains or wiring will be tested in a simple survey, and you may need further advice about this. If you obtain mortgage finance the lender, (Banks are generally an exception to this) will normally arrange for the property to be inspected, normally after your status as a borrower has been approved.

The purpose, generally, of the lender's survey is to ensure that the property is adequate security for the amount of the proposed loan. In many cases, the price at which the lender values the property for security purposes is less than the price agreed between buyer and seller. Many lenders' surveys call for the borrower to obtain specialist reports, the results of which either have to be approved by the lender and/or require the work recommended by specialists to be undertaken by the borrower before or after completion. The extent of works required may be so significant that the lender will not make an offer of mortgage, or perhaps an amount of the mortgage advance will be retained until some or all of the work has been carried out to the lender's satisfaction.

The property will be re-inspected and all or part of the retention released.You may be entitled to see a copy of the survey report prepared for the lender, and you may then consider that a full structural survey is not required. You should be aware that the usual Lender's survey is designed solely to check that the property is adequate security for the amount being lent.We do urge you, however, to consider your decision most carefully - taking into account the age, location and type of property you intend to purchase.

Without the result of a full structural survey you may be in difficulty if you wish to renegotiate the price and, as stated earlier, once you have purchased the property and defects are then found, you will have little recourse to the seller and you may find problems arising when you want to sell. It is unlikely that the central heating system, drains or wiring will be tested in a simple survey, and you may need further advice about this.

If there are Guarantees for remedial work carried out to the property and if the company who gave the guarantee is still trading, you may want the benefit of guarantees transferred to you. Some companies charge a small registration fee for updating their records."

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