In a survey of its members, Which? established that whilst 80% of buyers said they wanted a survey on the home they are considering purchasing, less than 20% actually get one. Whilst some people baulk at the expense, the reason the majority do not get a survey is that they mistakenly believe that the lenders valuation is a survey – which it is not.
Which? found that for those people that did not get a survey, on average one in four had to spend over £2,500 to put serious defects right which would have been uncovered in a condition report. For one in ten people it was over £10,000. By contrast, those that did get a proper survey were able to negotiate a reduction in the asking price of the property that averaged £2,000.
Mortgage lenders, financial advisors, solicitors and conveyancers all recommend that you get independent advice about the property you are about to buy.
The RPSA is working to help home-buyers by offering three survey products which are unique to the market:
The unique RPSA Mi Buy To Let Survey has been designed to enable landlords to protect their investment and deliver decent homes for their tenants.