Getting A Survey Sorted...

grifty

I'm hoping some kind peeps will be able to help a FTB who isn't entirely sure how to go about completing a survey.

As far as I was aware (after reading some magazine articles and the like) you would generally use the surveyor that the bank you're borrowing from uses. Then it's up to you to ask them for either the valuation/Home Buyers/full structural. But now I'm wondering if that's really the case. I know the bank have to get their valuation, but I can't entirely work out what the choices are and if you have to get this as well as a totally independent survey.

Now that I've had an offer accepted on a place (built in 1890's, so probably needs a full structural), I'd really like to get things moving. Last week I instructed a solicitor to act and that's it. I'm sorting out a mortgage, but that doesn't happen overnight, and I'm thinking there's surely something else to be getting on with...

Many thanks, all you good peeps. Hopefully I'll soon be able to post a moneysaving tip, rather than keep posting questions!

cattie

On such an old property it is wise to have your own survey done & not rely on the lenders survey, which is very basic & just really a valuation so the lender can be sure the property is worth the money you are asking to borrow.

A homebuyer's report will cost you more, but usually contains a lot of generalisations that advise you to get independent reports regarding damp, electrics, timbers etc. so doesn't really tell you very much about the actual structure of the property at all so not really worth the £400 you may pay for it.

The full structual survey is the most expensive, but the one that will tell you the most & for an older property really the best survey to go for.

You can have any of these surveys carried out by the surveyor doing the valuation for your lender at the time of his doing the valuation. Or you can shop around & get quotes from an independent surveyor, which may work out cheaper as charges will vary.

On an older property it's quite common for there to be damp problems, so don't let that put you off if there is a mention of it when you do get the results of your chosen survey.

Good luck with the purchase, it's a pretty stressful time & I hope it all goes well for you.