Surveys and Mortgages

What do conveyancing solicitors do about Surveys and Mortgages?

Surveys and Mortgages are not something that solicitors arrange.

But we thought it useful to outline some things we recommend.

Whether you buy a second hand car or a second hand house it makes sense to have a professional look at it for you. So we recommend that you get a full survey done on the property you want to buy.

It may not be a good idea to rely on the seller’s survey, (it’s not written for you). And even a survey that is done by your mortgage company isn’t really enough. It’s a valuation to make sure what you are borrowing is the right amount and that the property is worth it.

There’s really no substitute for a full structural survey. It may cost a few hundred pounds. But it could reveal things which may cost a few thousand or even tens of thousands of pounds to put right. (It also reveals a lot more than the owner will tell you, or even know, about the property.)

When you get the survey report take time to read through it. It will be a thorough document highlighting all sorts of things.

What can you do with the survey results?

Get a lower price – if the survey shows there’s a lot of work to be done on the property you can ask for a price reduction. Ask the agent.

Stop yourself from making a mistake.

If the survey comes back and the mortgage company won’t lend because of the poor state of the property then you could pay cash but bear in mind that it could be hard to resell the property in the future.

Peace of mind

Ultimately, a full survey gives you peace of mind. Its ultimate objective is to tell you whether the price you are paying is reasonable for the condition of the property you are buying.

For more information about conveyancing, please download Debbie Sumitra’s free guide to conveyancing.

https://www.hewetts.co.uk/Conveyancing-Guide-Windso-and-Reading-solicitors.pdf

If you are selling or buying a property and you would like a quote please get in touch with Debbie Sumitra on 0118 957 5337 or email d.sumitra@hewetts.co.uk

 

Published on 13/05/2022

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13/05/2022: Surveys and Mortgages

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