Survey's - can you use?

jabe22

I have just had my offer acepted on the house i want to purchase, but i'm a little confused as to how the surveys work. When the mortgage company send out their surveyor for the valuation do you have the option of using them to also do your homebuyers survey or do i have to employ someone else. My mortgage is with LLoydsTSB.

Thank you

AndrewSmith

Hi Jabe22

let the mortgage company know at the time of application that you require a homebuyers report and they will arrange it through their surveyor. He will do it at the same time as the valuation.

Andy

jabe22

Thank you Andy, that's one less thing to organise myself.

loulou41

Andy, what happens if you buy a newly refurbished flat and pay in cash, what survey would you require? Thanks

Barney088

The desicion is yours, there are a fre levels of survey, I bought a Victorian Semi a few years ago and went for a "homebuyers" survey where the valuer spends a little more time checking everything, they spotted a fault with the roof which we negotiated on the price and for a £500 valuation the roof cost us nothing, it would have been about £3000 otherwise.

If the refurbished flat has been done well, you may decide not to bother, it really depends on how, who when the work was done. A number of major homebuilders have redone comercail warehouses into flats, you may think they know what they are doing, a local builder may have redone it and without any knowledge of them you may wish to get a surveyor to check it.

AndrewSmith

If paying cash then there is no legal requirement for you to have a survey at all. I would not recommend this though.

If you have a guarantee on the property then maybe you should consider instructing a local surveyor to carry out a valuation for you just to ensure you are not paying over the odds for the property.

If you are the kind of person who likes a bit of extra security then go for a homebuyers report.

There are plenty of small local surveying firms around who will be delighted to offer you a bespoke survey.

Andy

loulou41

Thanks, I like the idea of asking a local surveyor to carry out a valuation. This 2 bedrooms flat, one double and one single in Harrow completely reburbished and it's 5 mins walk from the Harrow & Wealdstone station, the seller is asking for 220k for it and 245k for 2 double rooms and 1 single and share of freehold with off street parking. A few houses further, there is another refurbished flat but no off street parking and the two beds ones are selling for 210k and 1 bedroom for 155k, such a big difference in prices between the 1 bed and 2 beds. The front of the house is not as nice as the 245k, but they are both in the same road. And of course, I am a bit conerned with share of freehold in case daughter gets a neighbour from hell and you are in the same roof. It's for my daughter, she prefers a flat and I do not like them as you have to pay service charge and they are leasehold as well. I would rather she buys a house with my help but as she is single and works in London, she says a house ill be too big for her. Thanks for your help.