Survey Questions

mumboojumboo

Hi,

We are looking at a 1930's semi-detatched property to buy. We would want a full building survey to be done.

Can we have a private surveyor to do this before we go through the mortage appln with the bank? So we wouldnt lose out on the mortg arrangement fee if the survey report is very bad for us to proceed.

Would the bank also want us to do a full building suvery through them even though we had done one privately? (if we wish to proceed)

Thanks for any replies.

typeractive

Hello,

I'm kind of in a similar position. The way I see it at the moment is:

You can pay as you like for an independent full survey (I'd look for someone that is RICS certified, and best comes on recommendation - I'm having to take a bit of a chance on the recommendation stuff at the moment). That survey should have no bearing on the rest of your application etc - it's your's and you paid for it.

The bank/lender is most likely to expect a valuation survey from one of their own guys - though of course check with your broker when sorting the mortgage. This you will have to pay for also, or add it onto the mortgage etc. This will be carried out to check that the property is worth the agreed loan value - and should the worst come to the worst that the bank can sell the property and recoup their money back.

Hope that helps

mumboojumboo

Thanks. Iam ok with doing the valuation survey by the bank.

What iam after is can the bank insist on them doing a full building/structural survey?

clutton_2

""What iam after is - can the bank insist on them doing a full building/structural survey?"" - no - lenders/banks usually want just a valuatioin survey.