ABSTRACT
By far the greatest number of inspections carried out and reports prepared each year are on dwellings. It is established that, in an average year, that is one of neither economic boom nor economic gloom, around 1 million dwellings change hands. It is also well established that, of the buyers, three-quarters require a loan to complete their purchase. Financial regulations require that, before money deposited with banks, building societies or insurance companies can be loaned by way of mortgage to buyers of dwellings, an inspection and valuation have to be carried out. Therefore, it follows that something like three-quarters of a million instructions for such work are issued annually. Quite a way behind that number, believed to be around 150,000, are the inspections and reports commissioned by those buyers who do not require a loan but are prepared to pay for an inspection and report, as an assurance that their proposed purchase is sound. Relatively few in number also are those inspections for potential buyers who, having been offered a loan, took more note than most of the advice offered by all and sundry not to rely on the report obtained by
Summary contents
the lender, and perhaps copied to them, but to obtain their own survey, if they wished to have more information on the condition of the dwelling they were proposing to buy.
