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Finally, after 5 months, 3 houses and countless offers and stress in between we have had an offered accepted on a property we like.
Now the question is, is it worth getting a survey done? The property is only 6 years old, lived in by the vendors since new and it still covered by the NHBC - even though I doubt we could use it for anything.
Any suggestions from people who have experience?
Do it. I have never bought a house without one and i have never bought a house (new or old) where something hasn't come up that requires re-negotiation.
We had a 'proper' survey done by the Building Society and it caused us no end of grief. They found subsidence - in the garden shed (none in the main building). So the braindead dorks in the building society blocked the mortgage because the word 'subsidence' had flagged up. I phoned them and quibbled it and they agreed the shed had no intrinsic worth, but they couldn't override the ruling. In the end after multiple calls to talk to supervisor, they agreed to let it through. 3 weeks of delay and several hundred wasted pounds.
If you get a survey, arrange it yourself and get the most basic one lender will allow separately (it is for their benefit, not yours).
Always !
Entirely disagree with this.Quote:
Originally Posted by wasabi
All the lender is interested in is whether the house has problems sufficient to mean their loan is at risk. A proper survey, commissioned by yourself, is to protect you, not the lender.
Andehh, think of a survey as a bit like an insurance policy - it's expensive and superfluous, right up until you need to claim. A survey is an expensive waste .... unless it finds something. You just won't know if you don't have it.
Point 1 -peace of mind. The last thing you want, having bought, is to find a problem that 's going to cost £50k to put right.
Point 2 - a survey can, if used carefully, often be used to negotiate a price drop IF it brings up any problems.
Point 3 - peace of mind again .... if it comes back clean, you can rest assured that you've done everything you can to protect yourself, and that serious issues are pretty unlikely.
Point 4 - in theory, if the survey missed anything, you have a comeback. In practice, I'm not convinced it's worth a hoot in that regard, but it MIGHT work.
Even the most expensive survey isn't that expensive when compared to the house in most cases. It's worth comparing them though as not all are equal: http://www.independent.co.uk/propert...on-697197.html
Think I misphrased it so i actually agree with you... - I meant most lenders will insist you pay for a basic survey for their benefit. Cheapskate on that one. Then get a good 2nd survey survey for yourselves, entirely independent of the one that goes to the lender.Quote:
Originally Posted by Saracen
Agreed on .... get it yourself IF the lender will let you.Quote:
Originally Posted by wasabi
Disagreed on .... getting the basic one, or about it being for their benefit.
The "basic" valuation-grade of survey, which is barely a survey at all, by the way, is certainly in the lender's interest, and they'll probably insist on having it, and in using their choice of surveyor at that.
But a "proper" survey may well be as well as the above, commissioned by and used by, the buyer not the lender.
That basic valuation survey is often of naff-all use to the buyer. That's not true of a full (or full-er) survey, though.
Basic is basically just saying "I think it's worth £xx.xx, I didn't see a hole in the side of the house"
If you arrange it yourself be careful, we had an issue where the mortgage provider said they "might not accept a survey from x company" I queried this and even if they themselves arranged surveys through the same company they wouldn't guarantee they'd 'accept' it as it might be on different paperwork or not ask the same questions...if that happened then I'd still have to arrange another one through the mortgage provider and it could possibly be the same company they just refused!
But I seem to recall you're a cash buyer?...
/on topic - Get the survey, it's a drop in the ocean in the long term and may just save your skin.
If I've followed Andehh's story so far on this forum correctly, I believe there is no lender involved.
However, I agree with the advice above; it's for your benefit and worth doing even if it's just for the peace of mind.
Many thanks for the comments guys! Apologies for the multiple threads etc on this issue. First property I am going through without my Dad looking over my shoulder (he is in Afgan & hard to get in touch with) so Hexus is my 'sanity checker'!
I have a survey booked in for Friday. The guy knocked 20% off the price as it is a 'new-ish build' and has agreed to meet me at the property. Spoke to him at great length and he & his son are both Chartered and they do it together and he seemed very pleasent and amenable, so fingers crossed. He also is happy for me to look over his shoulder for the last couple of hours of the walk around so questions & queries can be discussed on the day. Fingers crossed nothing comes up and we proceed ahead!
Thanks again Hexus! :)
edit; Also, yes I am/we are cash buyers so valuation isn't a concern for us. We may have over paid slightly, but we love the house, the area and with it being a very popular house we weren't going to quibble over a few thousand and risk loosing out on the best house we have seen in 6 months +.... a bit of advice from a few Hexites helped us make that decision! ;)
Lenders do follow up bad surveys with prof-neg claims, so you'll see cat:mouse games, where the surveyor won't always give you a green light but suggest others checks/surveys need doing. Either way something is better than nothing, and a more in depth survey more likely to find any problems.
Ah, okay. Then yes, we do agree.Quote:
Originally Posted by wasabi
Nice editing skills, by the way. I'm sure that post said "confused" earlier. :D
Thanks guys! :)
Seeing as we will be in this house for (touch wood) several years I've stumped up £500 for a survey with an experienced chap & his son who are both chartered & registered and are happy to have me tag along whilst they do the rounds so we can discuss possible issues & remedies. Not only for the peace of mind, but potential professional opinions on the day i think it is worth it! :)
What about searches? Seeing as I already know the road, water and sewerage have not been adopted yet (still 2 years off) and the planning permission in the area extends to a few 100 more houses on the only open areas near by I don't see what more I could learn? I'm going to ask for the indemnity insurance should the unadopted bits bite but after that £150 doesn't seem to get me much else when I already know the big issues it would bring up!
Your solicitor should help with and do searches.
Oh yeah, and charge £150 and 2 weeks for the privilege. Knowing the local planning permission for 2 estates on the only land that could be built on, new estate (6-7 yo) and knowing the roads etc arnt adopted.. I fail to see what else they could flag?
If the solicitor performs the searches, even at additional cost then they are liable if they get it wrong. I’ve used 2 different (both came highly recommended) solicitors for my property purchases in the UK and neither would allow me to perform my own searches, not that I wanted to.
If you’ve been quoted £150 for a solicitor to perform the searches than that’s cheap, relative to what you’d pay in London anyway. Your call though, but a few hundred here and there to ensure the largest purpose in your life (so far) proceeds without a hitch seems fairly trivial to me :).
I paid for a full structural survey for my most recent property purchase and that set me back just over £1k. The original lender also charged over £1k for their own survey which was 2 pages long, the first being a header. At least my independent survey came with pictures, quotes and was nicely bound (was also over 30 pages with plenty of detail) so I felt I was getting something for the money.
Note that NHBC warranties are largely junk. Unless something major goes wrong you can’t be sure they will cover it and even then it’s questionable. The residential building regulations in the UK leave a lot to be desired and there are a lot of areas that are open to interpretation. Also, the “standards” that are set out are fairly loose. This is from personal experience when several of the residents at my previous property made similar complaints and NHBC sided with the builder. The NHBC are there to protect the builder and not the purchaser.