To Survey or not to Survey?

Vincenzo

Hi All,

I am in the process of buying a 3 bed terraced (c.1928). I have received my mortgage offer and obtained a copy of the mortgage valuation from Bristol & West.

The report states that '...no essential repairs are required...' and that the property '...has been adequately maintained and in a condition consistent with its age and type'.

I was planning on having a building survey done but am pretty certain it will be a waste of money. The only thing I am not clear on is if this will affect my buildings insurance. If the house developed subsidence for example and the insurers said it was a pre-existing condition, would they still payout?

Any ideas?

Thanks.

HelpWhereIcan

Vincenzo wrote:

The report states that '...no essential repairs are required...' and that the property '...has been adequately maintained and in a condition consistent with its age and type'.

I was planning on having a building survey done but am pretty certain it will be a waste of money.

If you have ANY doubts, I would say you should get one. After all a couple of hundred pounds spent now could save thousands in the future. Also remember that the mortgage valuation is done for the benefit of Bristol & west and not you, so you have no comeback on the surveyor - you do on a homebuyers'.

Vincenzo wrote:

The only thing I am not clear on is if this will affect my buildings insurance. If the house developed subsidence for example and the insurers said it was a pre-existing condition, would they still payout?

Normally, as long as you were not aware (or could not reasonably be expected to be aware) you will be ok. What makes you think there may have been subsidence - any worries, I refer the honourable gentleman to the answer I gave a few minutes ago. A house purchase is a huge commitment and can be even more expensive if bought solely with the heart and no input from the head.

Hope this helps