Individuals may seek flats to rent in London if they are not informed of potential house problems
Individuals could seek to rent flats in London following one expert's comments that when looking for a home, negative information about the property may not be revealed.
David Dalby, residential director at the Royal Institution of Chartered Surveyors (RICS), said someone trying to sell their residence may be reluctant to tell anyone thinking of buying it about any problems as this may prevent them from moving.
"The vast majority of people who purchase a property with a mortgage assume that the mortgage valuation … tells them all they need to know about the property," he added.
Mr Dalby stated this is a major problem because the assessment, which is commissioned by the lender, does not provide potential homeowners with all the important information.
A report recently published by RICS found a quarter of individuals who had a mortgage valuation carried out on a property - but had not conducted a building survey - had to carry out maintenance works on their residence following its purchase.
Published 29th October, 2010
© 2010 Estates IT Limited
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People thinking of buying a home could be putting themselves at risk if they are not informed of any potential problems concerning the property, it has been noted.