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The Value of Surveys
Horizon81
Posts: 1,594 Forumite
Hello all. This is my first post on here despite lurking around for a couple of months as a FTB trying to get as much guidance as possible on the whole house buying process. I thought I'd share my experince so far.
After looking at several properties I eventually found somewhere that was ticking a lot of boxes for me and viewed it several times. Having read 'Buying a Home for Dummies' from cover to cover I took a checklist with me to make sure I looked at everything I could during the viewings. After some negotiation we reached a price we were both happy with and off I toddled to plan furnishing my first home! The mortgage application was straightforward, with the 'valuation for mortgage purposes' finding no problems. At the time, I'd asked if I could pay a bit extra and get the lender's surveyor to do a Homebuyers Report but unfortunately this wasn't an option. I've read in several places that 80% of buyers make do with this basic valuation and don't shell out for any further survey. The thought crossed my mind because after all, the house was only 30 years old, looked fine to me and obviously the lender was happy to lend the money, ....but I thought this is my first home so I'd better be careful and spent £300 on a private homebuyers report and I'm glad I did...
The 'homebuyers report' often gets bad press for being a bit vague with lots of tick boxes and get out clauses but my surveyor was very thorough and wrote many paragraphs of text. I found him on the RICS website. Unfortunately (for me), he noted several cracks (including step cracks) in the brickwork on the outside of the property which he attributed to structural movement. What I still don't understand is how he said the house was worth the asking price despite the cracks and movement. He said if I progress with the house purchase I should mention the movement to the insurers. The surveyor didn't sound overly concerned with the movement and said it was not major and probably not recent. However when I phoned several home insurers to discuss the matter they all refused to insure the property. No matter whether you say structural movement, settlement or subsidence they all mean the same thing to the insurer - movement, and that's too big a risk for them. I'm sure I would have eventually found a company willing to take the risk but I couldn't be doing with the hassle or the resale trouble I may have in selling the house so I pulled out.
Several friends have said I was stupid - all houses have cracks and I should have proceeded with the sale but not told the insurers - after all, there had been no claims for subsidence on the house and the cracks would have probably got no worse but that's easy to say when it's not your money. And of course I wasn't happy about not declaring such a thing to the insurers. As I see it, there's a difference between cracks and movement so not all houses that have cracks have movement, but the surveyor said 'movement' many times in his report so I hope I did the right thing.
So... my advice to buyers is to spend just as long inspecting the outside of the house as you do the inside. My mistake was focussing too much on the interior aspects. I'm sure if I'd looked closer i would have spotted some of the cracks and would maybe have not put an offer on the house, saving financial and emotional investment in the place.
Also, arrange for a survey before you pay for any solicitors fees. I'd paid for searches ultimately on a house I'm now not buying which has been a total waste of money. A lesson learned for next time though!
Hopefully I'll have better luck next time. Always remember, buyer beware!
After looking at several properties I eventually found somewhere that was ticking a lot of boxes for me and viewed it several times. Having read 'Buying a Home for Dummies' from cover to cover I took a checklist with me to make sure I looked at everything I could during the viewings. After some negotiation we reached a price we were both happy with and off I toddled to plan furnishing my first home! The mortgage application was straightforward, with the 'valuation for mortgage purposes' finding no problems. At the time, I'd asked if I could pay a bit extra and get the lender's surveyor to do a Homebuyers Report but unfortunately this wasn't an option. I've read in several places that 80% of buyers make do with this basic valuation and don't shell out for any further survey. The thought crossed my mind because after all, the house was only 30 years old, looked fine to me and obviously the lender was happy to lend the money, ....but I thought this is my first home so I'd better be careful and spent £300 on a private homebuyers report and I'm glad I did...
The 'homebuyers report' often gets bad press for being a bit vague with lots of tick boxes and get out clauses but my surveyor was very thorough and wrote many paragraphs of text. I found him on the RICS website. Unfortunately (for me), he noted several cracks (including step cracks) in the brickwork on the outside of the property which he attributed to structural movement. What I still don't understand is how he said the house was worth the asking price despite the cracks and movement. He said if I progress with the house purchase I should mention the movement to the insurers. The surveyor didn't sound overly concerned with the movement and said it was not major and probably not recent. However when I phoned several home insurers to discuss the matter they all refused to insure the property. No matter whether you say structural movement, settlement or subsidence they all mean the same thing to the insurer - movement, and that's too big a risk for them. I'm sure I would have eventually found a company willing to take the risk but I couldn't be doing with the hassle or the resale trouble I may have in selling the house so I pulled out.
Several friends have said I was stupid - all houses have cracks and I should have proceeded with the sale but not told the insurers - after all, there had been no claims for subsidence on the house and the cracks would have probably got no worse but that's easy to say when it's not your money. And of course I wasn't happy about not declaring such a thing to the insurers. As I see it, there's a difference between cracks and movement so not all houses that have cracks have movement, but the surveyor said 'movement' many times in his report so I hope I did the right thing.
So... my advice to buyers is to spend just as long inspecting the outside of the house as you do the inside. My mistake was focussing too much on the interior aspects. I'm sure if I'd looked closer i would have spotted some of the cracks and would maybe have not put an offer on the house, saving financial and emotional investment in the place.
Also, arrange for a survey before you pay for any solicitors fees. I'd paid for searches ultimately on a house I'm now not buying which has been a total waste of money. A lesson learned for next time though!
Hopefully I'll have better luck next time. Always remember, buyer beware!
0
Comments
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I think you did the right thing - imagine trying to sell the house yourself in a few years and the potential hassle and worry this could cause.0
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Thanks for the reply. It's nice to hear someone agree with me for a change! The dealbreakers for me were problems with insurance cover and the fear of never being able to sell the place - both huge factors for a FTB, or anyone for that matter!0
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Its better to be safe than sorry (like I was) you are lucky the valuation surveyor was so thorough.0
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well done... this is exactly the purpose of the survey.. to stop you spending thousands years down the line....
this is worrying in a 30 year old property....0
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