The simple answer to this question is no. It is generally the requirement of the lender that a Valuation is carried out. A valuation answers one specific question overall. Is the property adequate security for lending purposes?

In fact. We feel that the valuation carried out on behalf of the lenders can be misunderstood. Many people believe the valuation is a survey. When in fact valuations are nowhere near as comprehensive as a full survey. Some valuations are even carried out as ‘desktop’ valuations, where ‘An AVM – Automated Valuation Model’ is applied to the property, or a simple ‘drive by’ valuation, where the valuer does just that, drives by to identify the property actually exists.

‘Caveat Emptor’ – Let the buyer beware. The principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made still firmly applies when you purchase a property. 

Now with that in mind what about any obvious or latent defects that you might not have been aware of when you viewed the property before making an offer? The repair bill will likely be down to you as the homeowner at a later stage. Wouldn’t it be better to be aware of any issues before you purchase the property? Allowing you to either negotiate a more suitable purchase price, ask the vendor to carry out the repairs, or indeed budget for such repairs yourself at a later date?

Renegotiation after a survey is a very common occurrence. After all, you may have only visited the property a couple of times, and spent anything from 10 – 30 minutes trying to take it all in. Carrying out a level 2 survey on a typical three-bed semi, We will spend upwards of 2 hours at a property. Investigating every element of the building in order to report back to you.

If major problems are uncovered, you may even find it necessary to walk away and continue viewing other properties. After all, buying a property is generally going to be one of your biggest investments. We all have plans for what we want to do with our homes, but sometimes it is the unexpected issues that can present the biggest problems.