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Why do so many people take a flyer when buying a home, and why is MJP recommending that you get a survey?

Why do so many people take a flyer when buying a home, and why is MJP recommending that you get a survey?

Strange question you may think – who would take a flyer buying a home, and why are lawyers recommending surveys?!

Well, the stark reality is that nearly three quarters of people buying a home, with or without a mortgage, do not get a survey on the property they are buying. Which? research indicates that as a result one in four people will end up paying over £2,500 to fix problems that a survey would have revealed. Indeed, for one in ten it will cost them more than £10,000. When taken alongside the other Which? finding that people who do get proper surveys averagely achieve a reduction in the asking price of a property of £2,000 there can be no logical reason not to get a survey. It costs a fraction of the figures that Which? quotes.

So, why do so many home buyers not get a survey? Which? found that 80% of people buying a house with a mortgage think that their lenders valuation is a survey. It is not, even though in many cases the home buyer will have paid for it. In fact, a lenders valuation is purely for their own underwriting purposes and in some cases a valuer may not even have visited the property. A valuation is just that, an assessment of what a property may sell for if the lender had to repossess it. It does not report on the condition of a property in any respect. Unfortunately, many lenders do not make this clear to their customers.

So why do we as your lawyer get involved? In the first place it is because we want to protect your interests and it is clearly best advice for all home buyers to consider getting a survey on the property they want to buy. It is also the case that many lenders are relying on us to talk to you about having a survey done. But at the end of the day, it really doesn’t matter if you are buying with or without a mortgage, if the Which? research is to be believed, it just makes financial sense to get a survey.

MJP recommends that home buyers consider using the Residential Property Surveyors Association (RPSA) as a provider of surveys for a number of reasons:

  • They will give you best advice on whether you should get a Home Condition Survey or a full in-depth Building Survey. This will normally depend on the age and construction type of the property
  • All of their surveys tell you what is good about a property as well as identify any problems that may need addressing
  • Their surveys are written in plain English and contain lots of photographs to make them much easier to understand
  • Their surveyors will call you after they have sent you the survey to go over it with you
  • They work to consistently high standards and operate a quality audit of their surveyors and the surveys they produce
  • For more information visit https://www.rpsa.org.uk

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    *MJP Conveyancing LTD is authorised and regulated by the Solicitors Regulation Authority – SRA No. 590889 http://www.sra.org.uk/solicitors/handbook/code/content.page.

    MJP Conveyancing Ltd is a company registered in England and Wales Registered No: 8026741 VAT Number: 157917571. A full list of the directors is available upon request. We use the word 'Partner' to refer to a Director of the Limited Company, or any employee or consultant with equivalent standing and qualification. Equality and Diversity Policy Equality and Diversity Policy Statement for Clients * - In calculating this we measure the average time it takes to reach the stage of exchange ( not the date you actually move in which is known as the completion date) from the date we receive the contract from the sellers solicitors or from when we send the contract to the buyers solicitors. This period can be longer when delays arise which are not within our control. We cannot guarantee that we can achieve this average turnaround time in all transactions. This turnaround time does not apply to leasehold and leasehold and new build transactions.