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New Build - Which survey would you get?
lovemotown
Posts: 48 Forumite
Does a new build have to pass any inspection on completion by an independant body?
I have a chance of a new build on a p/x scheme after eventually getting a call from the builder offering a small price reduction and extras thrown in.
I know when you buy new, you shouldn't have any worries, but......................
Therefore, my post is about surveys.
I understand there are 3 types of survey and that the first, (and cheapest) is simply a valuation and a quick look round on behalf of the mortgage company to make sure the house covers the loan. However, this presumably would pick up on - nothing?! I have already been quoted £340 by the mortgage co and is refunded on completion, (special deal).
What are the other two options and what do they cover?
They want 213k for the house, and my wife wants a "full structural" survey, and wondered if options 2 and 3 would be worthwhile and what they would cost.
I want to safeguard my investment and I know this makes sense, but do they actually provide much in the way of detail as other posts suggest they just generalise/gloss over with ambiguous comments.
I know a new home comes with a 10 year NHBC protection, but from what I have read on this forum, this gurantee can be flawed, or is it??
What guarantee, (if any) would option 2 and 3 give me over the NHBC, or, would you just stick with the NHBC??
I have a chance of a new build on a p/x scheme after eventually getting a call from the builder offering a small price reduction and extras thrown in.
I know when you buy new, you shouldn't have any worries, but......................
Therefore, my post is about surveys.
I understand there are 3 types of survey and that the first, (and cheapest) is simply a valuation and a quick look round on behalf of the mortgage company to make sure the house covers the loan. However, this presumably would pick up on - nothing?! I have already been quoted £340 by the mortgage co and is refunded on completion, (special deal).
What are the other two options and what do they cover?
They want 213k for the house, and my wife wants a "full structural" survey, and wondered if options 2 and 3 would be worthwhile and what they would cost.
I want to safeguard my investment and I know this makes sense, but do they actually provide much in the way of detail as other posts suggest they just generalise/gloss over with ambiguous comments.
I know a new home comes with a 10 year NHBC protection, but from what I have read on this forum, this gurantee can be flawed, or is it??
What guarantee, (if any) would option 2 and 3 give me over the NHBC, or, would you just stick with the NHBC??
0
Comments
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On a new build with a 10 year NHBC I would not waste money on a survey. Any probs, the NHBC should (yes, should) sort it. Yes there are horror stories, but then you can get horror stories after a survey too!
If you take out a mortgage, the bank/BS will do a basic 'valuation', to confirm it's worth the mortgage value. Any really serious probs should be spotted and reduce the valuation.
Other surveys can go from £300 to £800 ish depending what you ask for, and will always come with exclusions like ' no guarantees are given re damp - please seek a damp specialist'. 'No guaranteees re electrics, please seek an electrical report' etc etc. So you can keep spending till the cows come home!0 -
On a new build with a 10 year NHBC I would not waste money on a survey. Any probs, the NHBC should (yes, should) sort it. Yes there are horror stories, but then you can get horror stories after a survey too!
If you take out a mortgage, the bank/BS will do a basic 'valuation', to confirm it's worth the mortgage value. Any really serious probs should be spotted and reduce the valuation.
Other surveys can go from £300 to £800 ish depending what you ask for, and will always come with exclusions like ' no guarantees are given re damp - please seek a damp specialist'. 'No guaranteees re electrics, please seek an electrical report' etc etc. So you can keep spending till the cows come home!
That's exactly the types of comments I have read/refer to.
If none of the people conducting these surveys is prepared to put their neck on the block, for fear of reprisals, then I tend to agree with your point of sticking, (and hoping) the NHBC would come good?!
My wife however thinks getting a structural survey will guarantee we won't be buying a lemon, hence my questions!
Cheers0 -
It's like insurance. You buy it hoping you won't need it. Question is, do you insure EVERYthing in your life? You could, but it would cost a fortune and you'd never claim on 99% of things.
Only you can decide a) how risk averse you are b) how much you want to spend on 'peace of mind'.0
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