Law Gazette: Home Buyers at Risk

Jessica Hurst, trainee solicitor in the property department, writes:

An article in the Law Society Gazette this week has highlighted the risk faced by house buyers who do not obtain a full survey before purchasing a property.

According to consumer watchdog Which? one quarter of buyers find fault with their properties after moving in and it costs on average £2,500 to put these problems right.

The law operates a ‘Buyer Beware’ principle when purchasing property and it is important that buyers are satisfied that the property is structurally sound before entering into a firm commitment to purchase. Often buyers are tempted to rely on lender’s valuations, but these are rarely sufficient and in particular it is highly unlikely that buyers could seek compensation from a valuer for losses arising from a negligent survey.

A comprehensive survey commissioned by the buyer offers greater legal protection and peace of mind to the buyer. Lockings recommends that our clients should give careful thought before buying a property without the benefit of a survey. For further advice speak to your conveyancer.