(1888PressRelease)
May 15, 2007 - A survey by AA Legal Services of 1,200 homeowners discovered that just 28 per cent of them bothered to commission a structural survey or checked for flood risk when buying their properties.
Meanwhile, just 14 per cent consulted an independent conveyancing service.
According to AA Legal Services' James Molloy, Britons are taking shortcuts as high mortgage costs leave them with little money to spare - despite the fact that failure to carry out the necessary checks could potentially result in financial disaster, including repossession.
"With home buyers stretching themselves to the financial limits to afford their home, many are cutting back on the relatively low costs of basic legal and social inspections, Mr Molloy said.
"New home owners who do not carry out basic checks, face discovering too late that their dream home could actually be a financial time bomb."
Drainage is another area potential homeowners should investigate fully, the survey found.
Julian King, director of National Homebuyers says: "We are being inundated with people who have very real, current financial problems.
"People are more stretched beyond their means today than any other time in the past.
"A quick property sale option through National Homebuyers is one fast, simple solution.
"Alternatively you can release equity in your home with our Sell and Rent Back option where you sell your property but remain living in your home."
