The FSA has been urged by the Council of the Residential Property Surveyors Association (RPSA) to investigate lenders for failing to advise borrowers they must obtain their own housing survey.
The RPSA said lenders are failing to make sure customers understand a lender's valuation is not a survey and have placed the responsibility with buyers' lawyers through the lenders handbook. It highlighted just one in five home buyers get a survey or condition report on the property they are buying, yet 80% believe they do get a survey. The RPSA claimed lenders were doing little to change the situation, potentially because the industry makes £100m a year net income from valuation fees. RPSA council member Alan Milstein said: "It is time for lenders to take responsibility for provid...
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