Which survey?

V6Matt

My sister is buying a top floor leasehold flat for £200k in a Victorian building (consisting of 4 flats total) and would appreciate advice on whether to go for a Homebuyers or Structural Survey. The building appears in good condition, was developed 5 years ago with a new boiler fitted at that time and the electrics have been checked annually. As it is a leasehold does this mean that it makes more sense to just get a Homebuyers? Thanks

Mozette

If it was my purchase I would only have the homebuyers report - they tend to 'flag up' anything (and everything) so if one area looked dodgy, you could have that seperately investigated by an expert.
Depends how risk averse your sister is.

Fire_Fox

Why do you think leasehold means there is less risk? If she goes ahead with the purchase your sister would be responsible for a quarter of any repairs and maintenance, possibly plus the management company's (if there is one) fees for organising the work. It's a period property so I'd pay for a full structural survey on the entire building, assuming she can gain access to the loft and/ or cellar. It's a few hundred quid that could have thousands or even tens of thousands later on.

V6Matt

Fire_Fox wrote: »

Why do you think leasehold means there is less risk? If she goes ahead with the purchase your sister would be responsible for a quarter of any repairs and maintenance, possibly plus the management company's (if there is one) fees for organising the work. It's a period property so I'd pay for a full structural survey on the entire building, assuming she can gain access to the loft and/ or cellar. It's a few hundred quid that could have thousands or even tens of thousands later on.

Thanks

I guess it depends how you look at it, but it is lower risk in respect that she will be responsible for only 25% of the bills, rather than 100% but I do agree that a full survey is the way to go.

I think my sister mentioned it was nearer £700 more though and hence the second thoughts.

morg_monster

Yes but the homebuyer's will cost £400 or £500 so it's only a couple hundred on top of that.

It's an odd way to look at it - the 25% / 100% thing - the bills for any repairs could pretty high, so 25% could still be a lot of money. I don't think being a leasehold or freehold would make any difference to my thought process.

i agree with FF that I would go for the full structural, and if it comes back pretty clear, then think "that's good I checked and now I have peace of mind" rather than "well that was a waste of money wasn't it"!

V6Matt

morg_monster wrote: »

Yes but the homebuyer's will cost £400 or £500 so it's only a couple hundred on top of that.

It's an odd way to look at it - the 25% / 100% thing - the bills for any repairs could pretty high, so 25% could still be a lot of money. I don't think being a leasehold or freehold would make any difference to my thought process.

i agree with FF that I would go for the full structural, and if it comes back pretty clear, then think "that's good I checked and now I have peace of mind" rather than "well that was a waste of money wasn't it"!

Ah I think there has been some confusion, my sister was suggesting it was £700 more than the homebuyers, rather than £700 total.

So for £200, it definitely makes sense.

Thanks :beer: