WHY INSTRUCT A SURVEY OR VALUATION?
People often ask us why they require a Survey if their Lender is undertaking a Valuation. The purpose of a Mortgage Valuation is simply to ensure that the property is worth the price that the purchaser has agreed, and ensure that there are no major defects which may render the property worth less than the amount of finance secured on it. A Walter Winn Survey provides a detailed overview of the construction of the property and a description and defect analysis of each element. It also identifies and advises on any elements which are not currently defective but are weathered and may fail in the near future, thus incurring cost or possible damage to the property, for example sash windows or flashings.
Also included is information and advice on any issues relating to planning and building regulations, eg walls removed, extensions, terraces. This is vital in central London where many buildings are listed or within conservation areas, and contraventions in regulations can result in high levels of cost and inconvenience. If any major issues are uncovered by our Survey it may be possible to negotiate a reduction in the purchase price or an agreement for the vendors to undertake the necessary remedial works, saving you the cost and inconvenience.
In addition to being an important aspect of your purchase, a survey is likely to benefit you when you eventually sell your property, as any potential long-term defects or legal issues would have already been resolved during your purchase. If you do not instruct a survey and long-term issues continue which are then discovered by your purchaser’s surveyor, this could not only incur potential rectification costs, but also may delay your sale and result in higher legal fees.
Our Surveys provide piece of mind when making the most expensive purchase of one’s life, and significantly reduce the risk of any nasty surprises when you move in. Our Surveys are also backed by £7.5m Professional Liability Insurance and we are Regulated by RICS (Royal Institution of Chartered Surveyors); we are also registered with the Ombudsman Services: Property which is free to consumers and can consider any consumer complaints.