Offer Accepted (Scotland) - Which Type of Survey?

lsv

Have been notified that my offer on a property has been accepted! Yay! :j

I know that I will have to get the property surveyed (this is for mortgage valuation I assume). The property had been on the market for a long time and predates the Scottish single survey (Home Report - similar to HIPS I assume). This may sound like a very silly question, but can I instruct a surveyor to carry out a single survey/home report instead of a simple mortgage valuation?

The reason being, I suspect the mortgage valuation will give the bear minimum in terms of information about the property whereas the single survey will be a fair bit more comprehensive (how well insulated the property is, boiler efficiency etc). I don’t mind paying a bit extra for this.

The main query I have is, will the single survey also contain a valid mortgage valuation?

Many Thanks!

hearts

The mortgage company will require the property to be valued by their valuer. Why not find out who it is and ask them to do a full survey and pay the difference.

ufo22jim

There are 3 types of survey available:
1) Basic valuation which will be £150-250 approx. The surveyor will look at the building and decide if it's safe to lend the required mortgage on it (i.e. building isn't falling down etc). He will estimate how much the building is worth and supply this to the mortgage company (but will not tell you!)
2) Homebuyer's survey (around £450). The surveyor will produce a 10 page report and point out any work that might need looking at (eg not enough insulation in loft or chimney needs repointed). He will supply a valuation and supply it to the mortgage company and you.
3) Full structural survey (£750+). They will check drains, building structure etc. Only really worth doing for a very old house or one that has noticeable cracks/uneven floors etc.

When I bought my place (in England) the mortgage lender gave me a choice between choosing option 1 or 2. I chose option 2 for my peach of mind. It only costs another £200 or so and you know what the surveyor thinks of the house. If you choose option 1 the surveyor is working for just the mortgage company so he might give a low valuation (due to a couple of minor problems) that you won't know about.

Ask your mortgage company if they have an option for you to specify a homebuyer's survey.

lsv

thanks for the replies,

My offer is subject to survey; presumably the mortgage company will be happy with any type of survey as long as there is a mortgage valuation report included? Can I appoint any surveyor to do this or does it have to be one the mortgage lender specifies? e.g. survey for my information then a seperate one for the mortage lender?

Im really looking for a bit of detail to see what needs worked upon within the property. It seems that the homereport contains a lot of useful information including an energy report and I'd prefer just to get it all done at one time if possible.

Does anyone know if the homebuyers survey / valuation is more comprehensive than the homebuyers report normally initiated by the vendor?

thanks

CTPharmer

Hey lsv,

Your mortgage company will normally be comfortable with an option 1 survey unless the survey throws something suspicious up.

From the advice my own legal bod gave me, option 3 surveys tend to be refused by house sellers as they are destructive surveys (holes in walls, floorboards etc).

And from my own opinion, so beware, the difference between a sellers report - assuming the property was 1st put on the market after Dec 1st 2008 and a buyer-paid report is nothing too significant in real life terms of what information you need unless something in the sellers report, or a viewing, rang alarm bells.

MenstrieBen

there should already be an energy performance certificate for the house as it is required to be provided for any property that the missives were not completed on by 4th Jan 09

we have been on the market long enough no to need the home information pack but had to pay for an epc anyway as it is a european requirment seemingly!

BlackButterfly737

I was advised that it was best to get a Buildings Survey if you plan to alter or renovate the property. This is the most comprehensive and the most expensive type of survey, but is especially suitable for older (over 75 years) buildings.

Otherwise a Homebuyer's Report should be satisfactory - it will give you a valuation and an idea of the condition of the property.