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Shoequeeny
Posts: 2 Newbie
I'm a first timer buyrer purchasing a shared ownership property that is 8 years old and is still under NHBC warranty. My mortgage adviser has told me I don't need a survey and that the valuation will flag up any major defects.
My solicitor has told me I should at least get a condition survey.
So two completely different sets of advice.
If I get a survey I'm not even sure how it would work if the solicitor doesn't organise with the seller's solicitors?
...just being told a lot of different things and hard to know who's right!
My solicitor has told me I should at least get a condition survey.
So two completely different sets of advice.
If I get a survey I'm not even sure how it would work if the solicitor doesn't organise with the seller's solicitors?
...just being told a lot of different things and hard to know who's right!
0
Comments
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Shoequeeny wrote: »I'm a first timer buyrer purchasing a shared ownership property that is 8 years old and is still under NHBC warranty. My mortgage adviser has told me I don't need a survey and that the valuation will flag up any major defects.
My solicitor has told me I should at least get a condition survey.
So two completely different sets of advice.
If I get a survey I'm not even sure how it would work if the solicitor doesn't organise with the seller's solicitors?
...just being told a lot of different things and hard to know who's right!
Your mortgage adviser is being a muppet. Your solicitor is not.0 -
Get a survey. If you are getting a mortgage, the lender will arrange it. Often you can get a discount if you arrange for the valuer to do it at the same time.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Take your solicitors advice....you are paying them....
Your mortgage advisor advises on mortgages and if they were to be an expert in all things house buying my guess is that they too would be a solicitor!frugal October...£41.82 of £40 food shopping spend for the 2 of us!
2017 toiletries challenge 179 out 145 in ...£18.64 spend0 -
How surveys work:
You (or your mortgage provider) instruct a surveyor
The surveyor gets in touch with the EA or seller to arrange a convenient time to do the survey, much the same as booking a viewing
The survey gets done at the agreed time
You get a report a short while later telling you the surveyor's findings. The solicitors only need to get involved if there are issues raised in the report which you want to renegotiate based on (or which may require indemnity insurance or similar)
If you're instructing the surveyor yourself, all you need to give them is the address, the contact details of the EA, what kind of survey you want and a deadline (if applicable), and they will sort out the rest. If the mortgage provider is organising the survey, you just need to tell them what kind of survey you want.0 -
A valuation will *not* flag up any major defects... they probably won't even go into the house, so at least a homebuyer survey, I expect a full structural won't be necessary.0
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It's not unreasonable of me to assume you're probably paying over a hundred thousand pounds for a house. A survey will cost you a couple of hundred pounds - and you get reassurance that you know what you're buying/dealing with. If its in good condition then a few hundred for the peace of mind is worth it, if its not in good condition or there are repairs needed then those few hundred pounds might give you negotiation room and save you money in the long run and you won't have any surprises. Seems like a no-brainer to me...Little One born 19/12/18
5/5/18 I became Mrs Pie
FTB June '17 - £144k mortgage, £134k remaining0 -
If I was buying a house 8 years old I would have a good look round to see for myself the condition. I would not bother getting a survey other than the obligatory valuation.
True to say you won't get any detailed report from this, but if something major were amiss then they would take it into account. This is very unlikely in a property of that age, and far more likely in an old property where damp and cracks may be visible.
But that is my own situation - just throwing it in to say that not having a survey is entirely possible and certainly not unusual. However, if I were a first time buyer with no knowledgeable person in the family to accompany me and give advice, I would probably have a survey done for peace of mind for the sake of £500 or whatever.0 -
Valuation Surveys are done on behalf of the lender even though the buyer pays for it.
You therefore have no come back if you move in and find out there are structural problems to the house which should have been picked up by the surveyor0 -
Surveys are a waste of time and money at the best of times, even more so on an 8 year old house.0
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Surveys are a waste of time and money at the best of times, even more so on an 8 year old house.
Can I ask you to explain your views on this? I'd be interested in hearing your experiences of surveys.
From personal experience I took out a buildings survey on the first property I bought (it was built mid 70's and was on the side of a hill) Although the survey showed that there was nothing structurally wrong with the house; it did highlight a few smaller repairs/points of note which we may not have noticed as FTB with no training. The cost of £600 allowed us to negotiate £10,000 of the cost of the house to cover the repairs.Little One born 19/12/18
5/5/18 I became Mrs Pie
FTB June '17 - £144k mortgage, £134k remaining0
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