I don't want to interfere but.........

hollyg_2

....my parents are buying a property without obtaining a valuation first and i'm not sure this is a good idea. They are cash buyers so don't need it to obtain a mortgage and know the house well. It is 40 years and looks good i must admit but i would personally prefer something in writing to confirm the property was structurally sound.

I don't want to put my fears on to them but wondered what other people thought??

mufi

It's a terrible idea. We are doing the same, but will be getting a full structural survey.

princeofpounds

It's a reasonable fear, but if they know the house well then their course of action might also be reasonable. Most (but not all unfortunately) serious problems can be spotted by someone with a bit of experience.

You should just express your reservations but then leave it at that, it's not your responsibility when it comes down to it to do any more than that.

LandyAndy

Most properties have no significant/serious defects and, therefore, it could be argued that most surveys are a waste of money.

BUT, because the transaction is a high value one and hence a problem could prove financially disastrous there is a tendency to use the survey as insurance.

Buying a house without a survey is a gamble, no more no less. I don't think you should do more than point out the possible difficulties.

Zelie

Is valuation and structural survey the same thing? I can see why they might not be fussed on the market value of the property: if they love it and have the money and would pay over the odds for it anyway then fair enough. If I were them I'd still be getting at least a basic structural survey though!

Although you obviously can't force them you could make it easier for them to agree to a survey. Phone round a few places and get quotes. Then pass them the phone number of the one which sounds best and at the same time offer to set things up for them.

seabright

I think a survey is never a waste of money. You can get a Home Buyer's Report for afairly reasonable sum.

If the property's fine you have piece of mind. If there's a problem you have a choice - walk away, reduce your offer or continue as you are.

downshifted

A survey will give you a better idea of future maintenance issues as well as any immediate problems. We are cash buyers but our homebuyers survey enabled us to negotiate the price down to cover immediate repair costs (woodworm and damp) that we would not have spotted. At £470 including VAT, I wouldn't buy without one - ours was a 60s build and looked fine

hollyg_2

Many thanks for your responses.

I'm also worried that if they don't have a survey done and in a couple of years a potential structural problem occurs...will they be insured?

Cannon_Fodder

As they "know the house well", would it be fair to say they have perhaps waited for it to become available, and they view it as a "dream home" ?

In which case, I can understand that if they want it no matter what, and will be prepared to tackle anything that a survey might throw up, then they can set aside the £500 to £1000 in survey fees for the issues that might arise - rather than spend on both.

Not to be recommended generally, but for a specific, 'one-off' it might not be totally silly.