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  • FIRST POST
    • bobobski
    • By bobobski 9th Oct 17, 8:14 PM
    • 668Posts
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    bobobski
    Due diligence on a purchase
    • #1
    • 9th Oct 17, 8:14 PM
    Due diligence on a purchase 9th Oct 17 at 8:14 PM
    The more I look into it the more surveys, checks and inspections you can have before you exchange...

    Just curious what people tend to require as part of their DD? I have booked in my home buyer's survey (actually I tried to book a structural survey but the surveyors said the property really doesn't need it) and that's it; would others consider getting an electrical inspection, for example?
    #18: Save 12k in 2017: £11,385.86 / £12,000 (94.8%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £21,465.15 / £60,000 (35.7%) | Emergency fund by 31/12/2020: £1,663.13 / £5,000 (33.2%)
Page 1
    • societys child
    • By societys child 9th Oct 17, 8:22 PM
    • 4,893 Posts
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    societys child
    • #2
    • 9th Oct 17, 8:22 PM
    • #2
    • 9th Oct 17, 8:22 PM
    What is it, what are you buying?

    • kinger101
    • By kinger101 9th Oct 17, 10:03 PM
    • 3,951 Posts
    • 5,413 Thanks
    kinger101
    • #3
    • 9th Oct 17, 10:03 PM
    • #3
    • 9th Oct 17, 10:03 PM
    You need to give more information on the age of the property, and whether it's been modified.

    But there's actually nothing wrong with getting a full structural survey done a fairly recent build if that's your approach to risk.

    I can't comment on whether I'd get an electrical inspection done on the property you're interested in. I don't know anything about the property, the electrics, or what the vendor has put on the TA6. Meet us half way please.
    • 00ec25
    • By 00ec25 9th Oct 17, 11:45 PM
    • 5,555 Posts
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    00ec25
    • #4
    • 9th Oct 17, 11:45 PM
    • #4
    • 9th Oct 17, 11:45 PM
    anything less than all possible surveys, searches and inspections is not due diligence, it is merely you flying on a wing and a prayer

    "proper" due diligence would require you to:
    a) have a full structural survey, anything less leaves room for doubt.
    b) The surveyor will cover his a**e by listing a host of things his survey cannot comment on which he "recommends" you have further inspections done on, including but not limited to: electrical, gas, "damp", and building defects the surveyor flags up for example structural engineer's report on "cracks" or works where the vendor cannot provide the relevant building regulations paperwork
    c) searches including but not limited to: local authority, environmental/ contaminated land, mining, flood/surface water runoff
    d) meet both sets of neighbours, find out who and what they are. Meet their neighbours and find out if your neighbours have a "reputation" or "history" with your vendor
    e) visit the property many times and many different times of day and times of the year to properly research the immediate area
    f) challenge the reason why the vendors are selling, is that really the truth. What are they hiding.
    • bobobski
    • By bobobski 10th Oct 17, 6:01 AM
    • 668 Posts
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    bobobski
    • #5
    • 10th Oct 17, 6:01 AM
    • #5
    • 10th Oct 17, 6:01 AM
    The property is a 1970s build maisonette but the point was less about that and more about people's approach to risk/expense. I for one have never owned a property before and wouldn't even know the metric for "how are the electrics" which makes me think I should get an inspection, but on the other hand I'm not sure I'd understand the report!

    Interesting response 00ec25; I wonder how much of that people generally do! I'm doing another viewing this week at a different time of day to the first viewing and with a friend, and will probably do another before exchange. As I say, I tried to order a full structural survey but was told I don't need one; I'll do all searches my solicitor recommends; I'm aware of the seller's reason for selling and it checks out; I haven't yet gone around to the neighbours though...
    #18: Save 12k in 2017: £11,385.86 / £12,000 (94.8%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £21,465.15 / £60,000 (35.7%) | Emergency fund by 31/12/2020: £1,663.13 / £5,000 (33.2%)
    • beedeedee
    • By beedeedee 10th Oct 17, 6:59 AM
    • 915 Posts
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    beedeedee
    • #6
    • 10th Oct 17, 6:59 AM
    • #6
    • 10th Oct 17, 6:59 AM
    My friends sold their 9 year old house to a church for a vicar to live in. The church had every survey known to man (and a few more..) done before they would commit.....
    Last edited by beedeedee; 10-10-2017 at 7:05 AM.
    • Grenage
    • By Grenage 10th Oct 17, 7:51 AM
    • 1,324 Posts
    • 1,254 Thanks
    Grenage
    • #7
    • 10th Oct 17, 7:51 AM
    • #7
    • 10th Oct 17, 7:51 AM
    It depends on the buyer.

    If I walk into a house and the whole place smells of paint, I'll assume the worst. If it hasn't been touched in 10 years, I'll be less worried. We only had the mortgage evaluation for our home.

    If you have no practical experience of housing, or don't have anyone to take who is such, then I'd recommend getting things surveyed. I'm not sure I'd ever bother with a structural survey unless there were massive cracks, or bowed windows, etc.

    Neighbours, though; speak to the neighbors!
    Last edited by Grenage; 10-10-2017 at 7:53 AM.
    • pinkshoes
    • By pinkshoes 10th Oct 17, 8:03 AM
    • 15,386 Posts
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    pinkshoes
    • #8
    • 10th Oct 17, 8:03 AM
    • #8
    • 10th Oct 17, 8:03 AM
    Having seen our buyers surveyor spend two hours glancing at everything in the house, stating the obvious then charging them £1000+, we decided against a survey and did it ourselves.

    2.5 years later and the only things we didn't spot would not have been picked up by the survey either. It is not a big deal though...
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
    • Davesnave
    • By Davesnave 10th Oct 17, 8:10 AM
    • 23,677 Posts
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    Davesnave
    • #9
    • 10th Oct 17, 8:10 AM
    • #9
    • 10th Oct 17, 8:10 AM
    People will vary in their approach to risk, assuming they see it in the first place.

    I don't worry so much about physical stuff that I can sort out myself, like some old-looking electrics, but I'm wary about things that lie entirely beyond my control, like barking dogs, the hovering helicopters from an air base I mentioned recently, or a housing estate going up and blocking the view.

    There's a finite number of things which can be wrong with the structure and workings of a property, but an almost infinite range of possibilities for adverse change in a locality. Unfortunately, many of these cannot be predicted or controlled, but perhaps the worst of them can be dodged for a while.

    Due diligence for me means research both in the field and on-line. I do look at the physical features of the house, but so far at least, these have held few surprises.
    Last edited by Davesnave; 10-10-2017 at 8:12 AM.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • bobobski
    • By bobobski 11th Oct 17, 6:54 AM
    • 668 Posts
    • 1,526 Thanks
    bobobski
    Thanks for the replies everyone, this is very helpful :-) I think I'll go with searches/surveys etc that may affect my decision to buy or the value only, and leave more practical checks (electrics, boiler) until after completion as I know those won't change my mind. I think. I hope...
    #18: Save 12k in 2017: £11,385.86 / £12,000 (94.8%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £21,465.15 / £60,000 (35.7%) | Emergency fund by 31/12/2020: £1,663.13 / £5,000 (33.2%)
    • chappers
    • By chappers 11th Oct 17, 9:02 AM
    • 2,948 Posts
    • 1,701 Thanks
    chappers
    Thanks for the replies everyone, this is very helpful :-) I think I'll go with searches/surveys etc that may affect my decision to buy or the value only, and leave more practical checks (electrics, boiler) until after completion as I know those won't change my mind. I think. I hope...
    Originally posted by bobobski
    You can go some way to mitigating, those risks yourself, by asking direct questions of the vendor. Like have you had any work done to the property , are the electrics original or has the place been rewired at any point etc etc.
    Then make a decision based upon their answers or your assessment of how they answered the questions.
    Most importantly use your eyes. Do the electrical fittings look really old, are they in good condition etc. any signs of cracks in the structure, is the place generally in good order, signs of damp, etc.
    I wouldn't go as far as looking in peoples private cupboards, but would always make a point of looking into places like cupboards under stairs, walk in larders etc as these are the sort of places that might show up these sort of issues or at least give clues.
    • martindow
    • By martindow 11th Oct 17, 10:16 AM
    • 7,298 Posts
    • 4,079 Thanks
    martindow
    My friends sold their 9 year old house to a church for a vicar to live in. The church had every survey known to man (and a few more..) done before they would commit.....
    Originally posted by beedeedee
    Didn't they trust the guidance of prayer?
    • 00ec25
    • By 00ec25 11th Oct 17, 10:24 AM
    • 5,555 Posts
    • 4,946 Thanks
    00ec25
    Didn't they trust the guidance of prayer?
    Originally posted by martindow
    LOL, I trust you have never met a Church Commissioner, they make the devil look tame.

    https://www.churchofengland.org/about-us/structure/churchcommissioners.aspx
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