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. However, all too often, survey reports have failed to deliver the information you need.
The RPSA is working to change this by offering two surveying products which are unique to the market: