Many purchasers may question whether a survey is needed at all when buying a property. There is also a common misconception that if you are having a mortgage on your property and your mortgage lender approves the mortgage following their valuation and visit to the property, that the property must be in good order or free of defects. This unfortunately is not correct. Mortgage lenders will carry out their due diligence to protect their interests when lending against the property you are buying, and different lenders may have different criteria in terms of what factors they will and will not lend against. Mortgage valuations are not carried out to inform buyers about defects that as a buyer they may wish to consider as part of their decision to buy the property.

Mortgage lenders would typically not be concerned by certain condition-based defects as part of their decision to lend on the property, for example, a lender may not flag up that that windows or doors in the property need replacing, that there is a leak in the property or that a new septic tank is needed to comply with legal regulations. A lender may flag up certain defects they are concerned about and request reports or works to be carried out prior to lending but these tend to relate to more potential significant matters on some items such as structural matters and some lenders may request reports in relation to the condition of a roof or in respect of dampness, timber etc. However, a mortgage valuation does not offer buyers peace of mind in respect of potential defects and buyers should consider engaging professional advice from surveyors and also conveyancers to aid them in gathering an informed view of the condition and legal matters relating to the property.