“80 percent of people do not get a proper survey.”
People think a lender's valuation survey checks condition - It doesn't !!
A third of people said that they had missed a problem because it had not occurred to them to look!
Sellers don't have to tell you about problems – common cover-ups include painting over damp, putting furniture in front of cracks, rugs on floor problems... the list goes on.
The Property Misconceptions Act 1991 states that estate agents can't be misleading, but they don't have to reveal problems either.
A survey is vital as there are some problems you just can't confirm for yourself. Even if you suspect damp or subsidence, only a surveyor can tell you for sure.
Of those who have a Survey:
- 44% negotiated money off
- 10% ensured the problem was corrected
- 25% of people said if they had known about a problem, they would have tried to negotiate a discount
- 10% said they wouldn't have bought the property at all
- 25% of people felt that problems had been hidden from them