Mortgage survey

S1_waf

Hi

I am currently in the process of buying a house and are awaiting a mortgage survey. I was wondering, how much detail will the mortgage company go into with the survey as we have requested a standard survey. And how much effect does this survey have on purchasing the house? Any help would be appreciated.

Thanks

Tia_24

Are you having mortgage valuation or a home buyers report? The mortgage valuation will assess the value of the house on behalf of the bank to ensure they're happy to lend you the money for it. A home buyers report is a survey done for the buyer and will check for damp, condition of the guttering, roof slates etc, they dont move furniture and wont comment on the condition of the boiler or electrics.

Fire_Fox

What is a standard survey?? Have you read the RICS website which details what is included in a basic valuation, homebuyers report and full structural survey?

S1_waf

I think it's were they see if their is anything drastically wrong with the house. I am a first time buyer and have never seen one of these reports. I just wasnt sure what they check and in what detail and how i am to interperate it.

Thanks

S1_waf

The cheapest option lol. No i have not looked on them, thanks for the info.

Cheers

Fire_Fox

S1_waf wrote: »

The cheapest option lol. No i have not looked on them, thanks for the info.

Cheers

A valuation report is for the benefit of the lender, to make sure they are not lending on something that is about to collapse! A valuation is NOT there to protect the purchaser or give them any sort of detailed information about the condition of the property. You are spending tens, possibly hundreds, of thousands of pounds - get a proper survey done (unless it is less than ten years old and covered by an NHBC guarantee).

Homersimpson

I totally agree with the above post, I am also a FTB and had a home buyers survey done on a property, it picked up several important points that I had missed and has potentially saved me a lot of money because the house I was buying was not worth what I had offered.

henrik1971

Amazing the number of people who take risks with the most valuable asset they'll ever own. With all property transactions, take decent professional advice and in this case that means getting at least a Homebuyers Report, but preferably a full structural survey.
Getting advice and/or professional representation doesn't have to cost the earth and it could save you a fortune in the long run.

Good luck!

Cannon_Fodder

This might be a silly thought, but how about asking these useful questions *before* you state to your lender which valuation you would like..?

VKay

The valuation survey -'cheapest option' as you called it- is for the mortgage lender's benefit, NOT yours.

You will get very little information from this. Spend a couple of hundred more and you'll get a homebuyers survey which will give you more detail about the house.

The house we have just bought is 50 years old and tatty. We paid £800 for a full structural survey - the expensive option!!. For this money we had lots of time to talk to the surveyor about his findings and a long report detailing every stain on the wallpaper and lots of info about what repairs need to be done, costings and in what order he recommends tackling repairs. I am very glad i spent the money!

Don't rely on the cheap option as you may have some nasty shocks when you move in.