| Before you buy your new home - some | | | | substantial increase over the last few months in |
| important points for you to consider... | | | | the levels of private survey instructions, probably |
| It would not be unusual when buying a | | | | as a result of a slight recovery of the property |
| second-hand car to have it thoroughly checked | | | | market but it may be also as a result in these |
| for hidden defects, perhaps by the AA or the | | | | toughened economic times of buyers wanting to |
| RAC or a local mechanic. | | | | be sure that they are obtaining true value for |
| The inspection may reveal a great little car that is | | | | money and that they are not likely to be |
| likely to be good value for money and reliable or it | | | | exposed to any future problems. |
| could reveal the exact opposite, a vehicle which | | | | Most major lenders and solicitors do now suggest |
| appears fine on the surface but upon closer | | | | that their customers obtain an independent |
| inspection may need a great deal of repair! | | | | survey in addition to a basic mortgage valuation |
| Whatever the result the inspection gives the | | | | but astonishingly still only about 20% of the |
| buyer peace of mind that the car that they are | | | | people actually commission a survey at a greater |
| buying is in good working order or it enables them | | | | level than a mortgage valuation. |
| to either walk away or negotiate an even better | | | | The benefit of an independent survey is that |
| price for the car to take into account the likely | | | | buyer obtains true peace of mind and it give s |
| cost of any repairs. | | | | the buyer an "insurance policy" against defects |
| Research, however, shows that when it comes | | | | being present in the property. |
| to probably our greatest asset, our house, we | | | | Many of our clients have walked away from |
| are less likely to take the same prudent steps. | | | | purchases as a result of information that has |
| When purchasing a property most people rely | | | | been brought to their attention that they wouldn't |
| solely on the basic mortgage valuation instructed | | | | otherwise have had, or alternatively are able to |
| by and for the mortgage lender. | | | | negotiate a reduction in the purchase price to |
| Research recently conducted by the Bradford and | | | | take into account defects or problems that are |
| Bingley proves that very often (in 71% of cases), | | | | likely to have cost implications moving forward. |
| an independent survey saves the client at least | | | | By far the vast majority of buyers who obtain a |
| the cost of the report in reduction of the | | | | survey however are very pleased to find that |
| purchase price or through the vendor having | | | | actually there are no issues with their property |
| remedial works carried out prior to exchange of | | | | and they can proceed with the purchase safe in |
| contracts. | | | | that knowledge. |
| Within the market generally there has been a | | | | |