Do I need a survey at auction?
Key Takeaways
- A survey at auction isn't mandatory, but it is strongly advisable to get one.
- The auction house only allows surveys to take place on a certain day and time.
- Auction properties often have defects that make the current resale value lower than if they were in good condition.
- The seller doesn't take any responsibility for the condition of the property (unless they make any misrepresentations).
In our recent survey, 16% of homeowners found defects; including 2% who were able to pull out of a bad purchase, 7% who were able to negotiate a better price, and sadly, 7% of homeowners who did not get a survey and discovered defects after the purchase.
12 of the 39 who remembered how much these defects cost to remedy spent over £5,000
Don't burn your money, book a survey.
Why do I need a survey on an auction property?
Which survey do you need?
What happens if I don't get a survey?
Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
