<< Most Recent Articles

Homebuyers 'not getting properties surveyed'

Many homebuyers are cutting corners by not checking their property before they buy it, according to a new study.

Research by AA Legal Services found that only one in four buyers have commissioned a structural survey of their property after having a mortgage valuation.

The firm has warned that by failing to have a comprehensive survey, they are leaving themselves open to massive costs in the future.

James Molloy, spokesperson for the firm, commented: "I'm very worried that so few take steps to protect their investment and ensure that their interests are represented."

He added that homebuyers are already stretching themselves to their financial limits to afford a home, prompting many to cut back on the relatively low costs of basic legal and social inspections.

However, this could mean that many people's "dream home could actually be a financial time bomb", he said.

Earlier this week, Sainsbury's Bank published research showing that the cost of running a home has risen by 12 per cent in the last year to £11,035 a year.

Click here to see how much you could borrow with a Lombard Direct personal loan.

26/04/2007 16:11:28

Most Recent Articles