Having taken us through the process of buying a property, step by step, chartered surveyor and estate agent Lawrence Copeland describes what tends to happen when you receive the results of the surveyor’s report.
If you have commissioned the first level of report, you will learn little beyond whether or not the surveyor thinks the valuation of the property is accurate, and any major structural issues that have been evident to them.
If you are buying a modern apartment, this may be a straightforward process, but if for instance, you are buying a house built decades ago, you may encounter more issues.
But if you’ve commissioned the middle-level report, the homebuyers option, the report should offer a more in-depth guide to potential issues. At this stage, the surveyor will have looked round the property, but will not have undertaken detailed inspections of its electrical system, damp proof course etc. If they feel there may be an issue with these areas, they will suggest you commission further reports to ascertain the extent of any potential problems from specialists in those areas. Your estate agent should be able to suggest suitable people to carry these out.
It may be that if the reports show the necessity for work, you enter into the process of negotiating with the vendor a price reduction. These kinds of costs may also be withheld by the mortgage company until the work is done. Of course, if the property is found to require extensive work, the mortgage company may simply decide not to lend on it.
If you are working with a good estate agent, they should be able to help you navigate your way through issues uncovered by your survey.
If you want to know more about Lawrence or his work, please see: [ Ссылка ].
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