homebuyers survey done-didn't point out windows need replacing

---lee---

When we sold our last house, the mortgage company insisted that the buyer pay to have a separate survey of the conservatory because it was over ten years old and they were getting a 100% mortgage. The survey was fine except that one of the units needed replacing.

Based on that, I would not expect a standard survey to pick up this sort of fault. I would never have even considered changing the unit as it was on a side that faced a neighbours fence. The seals were all internal so it’s not as if water was coming in or anything like that – just a tiny bit of condensation on one panel.

Jorgan_2

The basic 'survey' is a mortgage valuation, this can take the form of a 'drive by valuation' or a visit to the property taking 15-25 mins. A homebuyers is fairly comprehensive, depending on size of property, it can take a couple of hours to complete. A full structual survey can take half a day to a day to complete, depending on the size of the property.

Personally I would have expected a homebuyers survey to raise the issue of the failed sealed units, even if it was just to bring it to the buyers attention, stating that further investigation was required.

clutton_2

""mortgage valuation, this can take the form of a 'drive by valuation' "" - i dont think this is the case Jorgan - Lenders want a report on the external aspect, but also on the internal aspects of property if they are to lend money on it - they require knowledge of internal damp issues; alterations which do not comply with building regs; whether electrics are up to standard etc etc - so, it may be a smaller survey "ticking boxes" on a form, but, it does highlight issues which will cause problems in the future, and will give the purchase SOME clues as to financial commitments for repairs etc.

lynzpower

When Abbey did a mortgage valuation on this place they definatley called it a homebuyers valuation. this might be where the confusion lies

td

It wasn't a mortgage valuation it was the next step up - we paid extra for more detail so should this kind of thing not be picked up

Td

silvercar

I would expect a homebuyers report to say that a few sealed units need attention. It wouldn't necessarily identify where they are or how many.

clutton_2

Jorgan - i replied to you as follows : -

""mortgage valuation, this can take the form of a 'drive by valuation' "" - i dont think this is the case Jorgan ""


well, well, well, I'm gob-smacked here - its not taken me long to eat my words !!!!!!!

i have just remortgaged my own home and because the mortage product has been SO successful (at a phenomenally low rate of interest) and because it was withdrawn yesterday, the surveyor did indeed do a drive by as the company were overwhelmed with work !!! The surveyor has obviously researched the local sales in the last year, of which there are very few, and done an average for mine. I am, however, only remortgaging out a relatively small percentage of the total equity - so there risk is quite low.

had i had to pay for the survey fee, i would have been most upset.

MarkyMarkD

You aren't paying for them to do any work, you are paying them a fee as part of the terms of the mortgage deal you are buying.

If they choose to do a valuation by visiting, or driving by, or staying in the office comparing other sales values, all are equally valid and don't justify you feeling upset or not - it's not for your benefit, but for theirs.

If you are borrowing a low proportion of the property value, AND if it's a like-for-like remortgage (i.e. borrowing the same amount as another lender has already lent you on the same property) their risk is very low and it's not commercially worthwhile them sending a valuer out.