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.
https://www.thisismoney.co.uk/money/mortgageshome/article-10805969/Our-home-subsidence-didnt-mortgage-valuation-spot-it.html
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.