Did you know? A quarter of all homebuyers who only had a mortgage valuation report had to make unplanned building works to their property after purchase.

On average, the bill for these works, such as damp proofing or repairing a roof, came to £1,818 – but the cost can be much higher.

A mortgage valuation report is often wrongly assumed to be a building survey. Actually, it is purely an indication of the property’s value for the lender, not the purchaser. Most importantly, it won’t uncover any potential problems

In a survey carried out in Yorkshire and Humberside, 70 per cent of respondents wrongly believed a valuation report included searching for damp and structural movement. A further 21 per cent were mistakenly under the impression that it included advice on any legal issues a solicitor should investigate.

In difficult economic times like these, it makes sense to ensure you are getting the best possible value when purchasing a property. No one wants to find a nasty surprise down the line, or pay over the odds for a property that needs a lot of work.