Conveyancing solicitors are running the risk of potential negligence actions by failing to advise buyers to obtain a survey before purchasing a property, an expert has claimed.
Mike Ockenden, chief executive of the Federation of Property Information Providers, said: ‘The Council of Mortgage Lenders’ handbook recommends that advisers should point out to purchasers the limits of the valuation report, and advise them to obtain a more detailed report on the condition of the property.’
By failing to do this, he said, solicitors were putting themselves at risk of potential liability.
Ockenden said: ‘Many people wrongly believe the mortgage valuation survey is a report on the condition of the property.’
Only around 18% of buyers get proper surveys and, according to research by consumer watchdog Which? in 2008, one quarter of buyers find problems with their homes after moving in. Which? found purchasers spent an average of £2,500 getting problems put right, with one in 10 spending more than £10,000.
Richard Barnett, chairman of the Law Society’s conveyancing and land law committee, said solicitors should advise buyers to have a survey undertaken even though most will not take the suggestion up.
However, he said he was not aware of any evidence that solicitors were failing to advise buyers in this respect.
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