FAQs About Residential Conveyancing – Should I instruct the services of a surveyor?
In the 6th mini blog in this series of FAQs about Residential Conveyancing, Margaret Goddard, Chartered Legal Executive in our Sherborne office, explains why it’s recommended to instruct a surveyor.
If you are planning to buy a property, then I would consider it absolutely essential that you get a survey before you exchange contracts.
The benefits of having a survey could highlight works that you may not be aware need doing and possibly assist in avoiding unplanned works having to be carried out to the property after purchase.
As the survey may uncover any defects in the property, this may enable you to use an estimated cost of repairs to negotiate money off the purchase price or even re-think the purchase.
The survey will help you budget for any necessary repairs as well as giving you an independent view of the value of the property.
The mortgage valuation does not highlight repairs that need doing. It is commissioned for the lender in order to assure them that there is sufficient equity to cover the loan. The lender is not obliged to provide you with a copy of the valuation report.
One benefit that is often overlooked is the part of the survey where the surveyor records any issues that may be of concern to your lawyer. This section is invaluable as conveyancing lawyers are expected to leave no stone unturned when carrying out the due diligence on the part of a home buyer. Often this can be challenging as despite having a mountain of paperwork collated about the property, lawyers never actually visit the property and are therefore totally reliant on the accuracy of the documentation.
A survey is like an insurance policy, if your surveyor does not highlight problems that should be uncovered on the specific survey, you may be able to seek compensation.
If you have any questions about instructing a surveyor or any other matter concerning conveyancing, please contact our Residential Conveyancing team today on 01935 813691 (Sherborne), 01225 750000 (Bath), or 01749 342323 (Wells).