We often get asked what the benefit of a building survey is over the lender’s valuation. In a recent ‘This is Money’ article, our very own Grant Barnes – Chartered Surveyor and Valuer looks at the issues faced by one home buyer who relied on a valuation by the lender as opposed to an independent survey on the property they were going to purchase. They have subsequently found subsidence whilst trying to extend their property.
Lenders only carry out a basic desktop valuation designed to check that the amount being paid represents market value. In a building survey, a Chartered Surveyor will conduct a more detailed onsite inspection of the property. This is completed on behalf of the buyer, reviewing the structure, condition and construction of a property, as well as providing technical advice on any repairs needed.
If you want to know more about subsidence, check out our blog about London Clay and the impacts of subsidence.