Survey help!

lowis

I am in the process of buying my council flat, it is in an 11 storey block (I'm top floor). I don't know which survey to go for, I know there are three available all with differeing degrees of information.

One of the mortgage advisors that I am using has suggested that rather than carry out my own survey I should 'upgrade' my prospective lender's basic valuation survey to a Homebuyers Survey as I will then get a copy of the report.

Is this prudent or should I get an independent survey done anyway?

Any and all advice greatly received - this is completely unknown ground to me :-)

Ian_W

How long have you lived in the flat? Have you recognised any problems with damp, the electrics, central heating or any issues with the fabric of the building, like rotten woodwork? If you haven't and you've lived there a good while, do you think a surveyor will in an hour or so inspection?

Personally I think I would have a good idea of any problems if I lived there and would just opt for the valuation. Most, maybe even all these days as you're paying for it, lenders supply you with a copy of the valuation which would list any items of concern in the structure of the building that might affect it's suitability as security for the loan.

If you're not so confident then homebuyer is the suggested level for relatively new properties and it can save you money if you have it done with the valuation as it entails only one visit.

HTH.

lowis

i've lived in the flat for almost 8 years and haven't noticed anything of concern. the roof leeked on one point but the roof was renewed a couple of years back and nothing has happened since. the block was built in 1953 so is not that new.

in terms of the structure...i have no idea about the block as a whole as I just live on the top floor. would a surveyor take a look at the whole block in terms of structure? or just the walls around my flat?

silvercar

Before you spend any money, check that your mortgage advisor can get you a mortgage. People have said that it is difficult to get mortgages on anything higher than 5 floor council flat blocks.

Vincenzo

I can't imagine there is much point in a Homebuyer survey on a block of flats which will have a block insurance policy. The only thing you need to worry about is internal and having lived there, as Ian W says, you will know more than any surveyor would be able to find in an hour (if they are there that long).

On a related topic - I am buying a terraced house and considering not doing a buildings survey as I am confident there are no problems. However does anyone know if the buildings insurance company would have grounds not to pay out on a claim (say relating to structural damage) on the grounds that it was pre-existing and I did not have a survey?

lowis

hi silvercar
i won't be spending anything until i have a mortgage sorted :-)
my neighbour just got one with the halifax so i know they will lend
plus the location is in a prime london postcode (EC1) and within a five min walk to three tube stops - so this goes in favour slightly apparently.
fingers croosed though!

lowis

and what is the general consensus on upgrading the bank's valuation survey to a homebuyers survey? is it ok? or should I get my own seperate one done just to keep things seperate? not sure about who the surveyor's loyalties will lie with if i use the bank's surveyors in terms of come back etc should anything go wrong in the future.

HelpWhereIcan

lowis wrote:

and what is the general consensus on upgrading the bank's valuation survey to a homebuyers survey? is it ok?

If you have any doubts, I would err on the side of caution and get one. After all, a couple of hundred pounds spent now may save thousands in the future. However, your situation is complicated a little by the fact that you are buying a leasehold flat and the report therefore will be slightly different to the one on a freehold house. see http://www.pearcyblackman.co.uk/homebuyer_service.htm (no connection, just think they have a good explanation)

lowis wrote:

or should I get my own seperate one done just to keep things seperate?

Normally, it will be more expensive to instruct you own seperate one. Because the surveyor will be doing the mortgage valuation at the same time, he will generally charge less as a 'top up' than she would to do a completely seperate one.

lowis wrote:

not sure about who the surveyor's loyalties will lie with if i use the bank's surveyors in terms of come back etc should anything go wrong in the future.

This should not be an issue. The mortgage valuation is done for the lender's benefit (not yours) and the homebuyers report is done for your benefit (not the lender's) and I understand that the lender does not get a copy of the homebuyers' report. You have comeback on the surveyor if there is a problem with the homebuyers' but none with the mortgage valuation.

Hope this helps

lowis

thanks for the info - i definitely want tp upgrade to homebuyers and it is hugely cheaper if i use the bank - £335 for a homebuyers, cheapest I have been quoted for my own indeoendent homebuyers is £445! if there is no conflict on interest and the surveyor will be liable to both of us then i guess i will upgrade! :-)