Survey - Bank done their valuation should i have another

expo

Hi
The ban has been out and done their valuation/survey and said the house is worth what we are paying for it.

As this was likely to have been a basic one, would they have even found any problems or even have looked for them?

Should i have an independent one done?

hcb42

up to you, do you think there might be problems? I tend to have the homebuyer one as a minimum

BitterAndTwisted

I wouldn't be able to sleep at night only having had a valuation survey done. Unless it's a new-build you should most definitely have an independent one carried out.

hazyjo

Didn't the bank offer you another survey with the valuation? Might have been a cheaper route getting them both done together.

As stated, unless new, I'd at least get a homebuyer's report done.

Jx

sonastin

Unless you know what surveyors look for and know how to spot those problems yourself, its definitely worth getting your own survey done. The lender's valuation is only looking at the likelihood that they can get their money back if they have to repossess, they aren't checking the fabric of the building. And remember, a survey that finds nothing isn't a waste of money. Because at least now you know that there is nothing to find. Before you had the survey done, you were only guessing!

GuidoT

Get at least a homebuyers report from a chartered surveying practice.

When you instruct the surveying firm ensure that they surveyor is a Fellow of the RICS (FRICS).

Yorkie1

If you don't get your own survey and something turns out to be wrong with the property, you will have no recourse to anyone. You wouldn't be able to get any recourse against the bank's valuer / surveyor, as the bank was their client and not you.

GuidoT

A purchaser still has redress against the surveyor even if the bank instructs such, a duty of care is still owed to the purchaser. See Smith v Bush below.

http://www.docstoc.com/docs/12850979...-v-Eric-S-Bush

http://www.bailii.org/cgi-bin/markup...method=boolean

Marvel1

I had a survey done after the house was valuated by the mortgage lender, as the house was built in 1920 and it was only me, I paid about £800 and it came back with a full report which settled my mind, it was worth the £800.

You have to remember there is a difference between a valuation and survey.

sirhobo

Definitely get your own survey done

expo

Thanks everyone for your replies, they are all very helpful.

The house was built sometime in the 90's.

I instructed the broker to go back to the bank for the survey but it turns out they only did the valution/survey not the next one up which was the Homebuyers.

I have told the brokers this and i am now waiting for the reply.

If they try to pull a stroke and say I instructed them to only do the valuation where do I stand as I do not want to go out and pay another 4 to 500 pounds on top of the money already paid out when it was only about £100 on top of the valuation if taken at the same time.