Q. I am buying a purpose built apartment that is less than 18 months old, is it really necessary to have a survey carried out?
A. Given the fact that most surveys or valuations are undertaken primarily on behalf of lending institutions, such as Banks and Building Societies you may not have a choice. Reports produced for valuation only purpose are generally very limited and brief, although around 80% of buyers rely on them. Depending on the type of survey you opt for the surveyor will, inspect the property, report on its condition, identify any defects, make recommendations about repairs or further specialists reports, and finally give an opinion of value. Since the property is obviously so new I would assume primarily it would be the value of the property that would be of most concern. A professional survey even if it is just a pure valuation would be recommended as a general rule although if you’re a cash purchaser it would be your call given the age of the property. Of course if you are funding the purchase via a lender as said at the onset the lender would always insist on this anyway.