The survey side of our business is still busy, despite the widely reported slowdown in residential property sales. Previously, in the heat of the market, some sellers were able to ignore pleas for renegotiation in price, as they were confident that there would be another purchaser if the deal fell through. However, in these more difficult times for sellers, it is certainly more possible for the important defects found in a survey to be taken account of in the price. For this reason we do recommend a Building survey or RICS Homebuyer Survey and Valuation to be carried out in good time to allow defects to be considered, and the price renegotiated if required. There is a statistic that baffles us in the surveying profession. Only about 20% of buyers have a survey carried out! This is not taking account of the mortgage valuation, as this is carried out by the lender and does not provide you as the purchaser a proper assessment of the condition of the property you are buying. We strongly recommend that you commission your own survey, and we would be pleased to discuss your requirements early in the purchase process.
