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Do I need a survey?

If you are borrowing from a mortgage lender a survey is likely to be required, and a valuer will be sent to inspect the property. The valuer’s report will give your mortgage provider an indication as to whether the property is worth at least the amount that you are borrowing. Although you will be expected to pay the valuer’s fees, the report is intended as comfort for the lender, not you.

For an extra fee you will usually be offered the option to arrange for the same valuer to carry out a more detailed “Home Buyers Report”. Because you have paid for this, you will be able to rely on the report if things go wrong.  If for example a problem comes to light and this is not mentioned in the report you may have some redress against the valuer.

If the property is old or you are concerned about its condition you should seriously consider a full structural survey. This is more detailed than a Home Buyer’s Report and therefore will cost more.

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