Mortgage lenders insist on a building survey

There are a number of reasons why you need to have a building survey on property that you want to buy. The first and most important reason is that you need to be protected in what you are buying. The property is going to be one of the most important and largest purchases of your life and so you will need to be sure that what you are buying is solid. This is why you need to have Sam Conveyancing whose Building Survey Chelmsford office can accommodate you.

Image credit

The other reason that you need to have a building survey done is not actually for you. It is, in fact, for the lender. The people that you are asking for the money to buy the house will also need to know that the property is actually worth lending the money on.

Image credit

If there is anything wrong with the property they, and you, will want to know about it. There is a very good reason for this. If there is an issue with the property it could dramatically affect how much the property is actually worth. If there is something seriously wrong like a damp problem, roofing issue or even Japanese Knotweed then the value of the property could drop. Therefore the lender might reduce the amount they will lend or even withdraw the offer completely if it is a total bust.

From your point of view do you really want to buy a place with so many issues? It gives you the chance to renegotiate the price.

About the author

Sue

View all posts