Do I need a survey of the property I am buying?

If you are obtaining a mortgage a valuer will inspect the property on behalf of the lender. Although his report will give you an indication of whether he thinks the property is worth the amount that you have asked to borrow, you will probably not be able to rely on it if things go wrong. For an extra fee you will usually be offered the option to arrange for the same valuer to carry out a more detailed “Home Buyers Report”. This can certainly be relied upon by you, so if at a later date you find a problem that is not mentioned in the report you will have some legal redress against the valuer. If the property is quite old and you are particularly concerned about its condition you can obtain a full structural survey report which is even more detailed, but more expensive. Always remember the golden rule is “let the buyer beware” so (provided you have not been misled) you have no comeback against the seller for any problems that you discover after exchange of contracts.