Before you buy your new home, a house survey for buyers is essential. By having it surveyed you will know exactly what state the property is in. There are three types of house survey that you can choose from :
Hopefully, the house survey will not reveal any major problems. However if it does, this is the moment to think about whether you want to proceed with the sale. If you decide that you still want the property ask for a reduction in the price that reflects the cost of repairs that must be carried out.
Before you decide to buy a property that comes with a lot of problems, remember that it may be expensive to rectify them and make sure that you have the money. Your lender may demand that some work is carried out immediately as a condition of the loan. A lender may sometimes hold back part of the sum they have agreed to lend you until specified work is completed. Once this is done, the lender will release the rest of the loan amount. But in the meantime you will have to finance the repairs. If a survey reveals that a property has many major problems you may find it difficult to get a mortgage.
Many survey companies are affiliated to lenders and may not always give you a good deal. It's worth shopping around before you appoint a surveyor. If you have any concerns about your survey or surveyor you should contact the Royal Institution of Chartered Surveyors who can offer an arbitration service.
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