After the dust of your mortgage application has settled down and the offer is accepted the purchase of a home then moves into phase two. The second phase is where cost can start to build as you will need to have conveyancing solicitors and valuers come and have a look at the property that you are wishing to buy. This is where Sam Conveyancing can really help as they will assist in the Homebuyers Survey and any issues that can arise from it.
It’s an inescapable fact about the mortgage process that you need to have a valuation on the property done. Even a new build property has to have one although it only needs to be at a minimum level. In fact there are cases where the valuer has used the plans, half built parts and even artist’s impressions of the house although this is rather rare.
The Home Buyers survey is not something that should be feared. It is a useful tool for you and the lender to see what you are both buying into. For you it is a way of knowing that the house is sound and that you can spend many happy years there without having to shell out for repairs anytime soon or if you can have the conservatory and extension on the back that you are planning. From the lender’s point of view they need to know that the property is a sound investment and that should anything go wrong with your payments and they need to repossess and sell they will be able to recoup the mortgage in the sale.