Basic valuation or homebuyer's report?

Dina

Hello, I am a first time buyer who would really appreciate some advice about which to go for. We've had an offer accepted on a Warner flat (so a maisonette in a purpose-built house) which seems to be in good condition. We know that the roof has been done recently and there is a new boiler for example, and it looks wee looked after. I've heard that the basic valuation doesn't involve much but when I spoke to by mortgage broker she said that they would look at whether there are possible damp, windows or electrical issues that would need further investigation. She was basically advising that we go for that and not the homebuyers report. Her company is connected to the estate agent but she said she doesn't actually know our individual flat, would she have any motive for putting us off getting the homebuyers report?

Framps

Not sure why your mortgage broker would give you such bad advice, maybe she doesn't have a clue?

If the property is in pretty good nick get a homebuyer's report - the extra couple of hundred quid spent now may save you thousands in the long run.

Dina

Thanks for that. Everything I've heard is contrary to what she advised, but she claims she's seen many valuations that are like that which is what confused me. Perhaps we should go for HB's report then.

asajoseph

I find that surveys tend to scare the pants off you, even when it comes to things that are minor in the long run, and it's always important to be realistic about the type of property you're buying, as well as careful to avoid leaving any real skeletons in the closet.

That said, I agree with Framps - a homebuyers will usually give you a good indication of the condition of the property, and should highlight any areas that require specialist attention (structural issues, damp etc), giving you room to proceed from there. Unless you're buying a really rickety period property, or planning major conversion work, a full structural survey is probably unneccessary. But considering the size of the investment you're making a few hundred extra on the Homebuyers is well worth it.

davidesan

Hello I am in the same situation. I am FTB and recently got an offer accepted.

Now need to get a independent valuation and survey to established if the price is correct and any issue with the house.

What shall I go for ?

Davide

davidesan

hello i just had a quote for an Home Buyers Report London area : £500 + VAT

how does it sounds?

A lot for my empty pocket right now ;-)

Dave

tek-monkey

The one my mortgage co made me take was 465, and I thought that was over inflated! I'm in the Midlands admittedly. Shop around, as with any service get a few quotes.

bmunky7

Just a couple of points to bear in mind:-

Although it may cost a bit more you have to make sure the company is long standing and will still be there in a year or 5 years time if they don't find something which you later discover and want to query / sue them for, otherwise saving £100 now might cost £000's later!

A lot of surveyors I found would recommend a full structural survey (the most expensive survey) for any property over 70 years old and wouldn't even quote on the home buyers survey. I'm not saying they have to quote but the house I was buying was 1930's but in great condition and very standard build so I didn't think the full structural survey was necessary.

I was quoted from £250 - £600 for a home buyer's report for a 2 bed end of terrace in south east / suburban london to give you an idea of what it should cost.

Dina

Thanks very much for the replies. Our valuation would be with Alliance and Leicester, as we are getting the mortgage with them, and the basic one costs £320. Has anyone had this one and could you tell me what it included?

Milliewilly

Dina wrote: »

Thanks very much for the replies. Our valuation would be with Alliance and Leicester, as we are getting the mortgage with them, and the basic one costs £320. Has anyone had this one and could you tell me what it included?

Not trying to scare you but I had a basic valuation by Alliance and Leicester and to cut a very long and expensive story short the house had severe problems - none of which came up on the survey. I spent 4 years suing the A&L who tried to wriggle out with such gems as 'a sudden cataclysmic event has occured since we did the survey' In the end they had to pay up and it was a six figure sum. I only got 70% of my legal costs back though and they were not insignificant.

Dina

I looked at some examples of basic valuations versus homebuyer's report, and the valuation is basically one sentance saying what the property is worth and whether or not there is anything further to investigate. We will go for Homebuyer's. Hope we don't have any other problems with A & L like yours! Thanks for the advice.