Before exchanging contracts in England and Wales, it’s important to have a survey, although over half of all buyers rely on a basic valuation.

This can be extremely risky, particularly when you consider that around one in five properties are found by surveyors to have major faults, such as damp, dry rot or insect infestations. Serious defects are more likely in old buildings, although they are sometimes found in properties less than ten years old. It’s false economy and a huge gamble to buy an old property without having a survey.

If a survey reveals any problems they can usually be used as a bargaining tool to justify a lower price. A property vendor doesn’t need to inform prospective buyers of any defects that might exist.

There are three levels of property inspections carried out by surveyors: a valuation, a homebuyer report and a full structural survey. Which one you choose usually depends on the age and type of property you’re buying. If it’s a relatively new home of standard construction, a valuation will probably suffice, particularly if it’s still covered by the builder’s warranty.

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