Survey - does this sound reasonable?

Gillby1

We're FTBs and have had an offer accepted on a 1920s maisonette.

On the basis that the freeholder is responsible for external maintanence on the property, and that the property appears to have been taken care of by the owner, our mortgage adviser has advised us to go for a the most basic Mortgage Valuation Survey.

Does this seem like sound advice?

Thanks

Gills x

nollag2006

You may want to go for a Home Buyers Report, which would be a couple of hundred quid extra, and will point out the most glaring issues in the property. It will pay its price back a hundred fold, in terms of either putting your mind at rest that the property has no obvious structural faults, or else giving you bargaining power with the vendor in terms of required repairs.

The mortgage advisor is likely advising you not to proceed with any thing more than a valuation, as if the Home Buyers Report was adverse, it could delay / cancel the sale, and therefore (s)he would likely miss their year end sales target

This is the largest investment that most people EVER make. A few extra hundred pounds is money well spent, IMHO

Mini-Me_4

I would not go with the basic one-that's designed simply for Bank's interest. The basic report does not look the property in much detail at all-just to check whether in principle the property is worth the money the bank is lending to you.

We had Home Buyer's Report done (for quite new property) and even that one didn't go to very much in detail. For example, they will not lift fitted carpets or look into attic (if there isn't 'permanent' access) so if you have any concerns whatsoever about the condition, get the full-survey. If something is wrong it will show up and you can use it to reduce your offer to fix the fault and if everything is ok, it will give you peace of mind.

chirpy007

I would go for a more detailed report on a property that old as well. It does seem strange he would rec this.

AndrewSmith

Gillby1 wrote:

We're FTBs and have had an offer accepted on a 1920s maisonette.

On the basis that the freeholder is responsible for external maintanence on the property, and that the property appears to have been taken care of by the owner, our mortgage adviser has advised us to go for a the most basic Mortgage Valuation Survey.

Does this seem like sound advice?

Thanks

Gills x

apologies, clicked thanks in error.

But you are responsible for everything within the external walls. Your mortgage adviser is not putting your best interests first and is being stupid.

I would advise anyone buying a property almost 100 years old to have a more comprehensive survey than the basic valuation.

He/She isnt the one buying it after all, you are. And the fact that you have asked the question here means that you have a certain amount of doubt about their recommendation.

Go for the homebuyers.

Gillby1

Thanks all.

I think i already knew i should go for the Homebuyers survey. I just needed someone else to tell me!

It's obvious, really.... If they find any problems, then we'll be able to rectify the issue, adjust the price or cancel the purchae. If they don't, i'll sleep soundly for the next few years knowing my home isn't likely to fall down around my ears (well.....hopefully!).

I really appreciate the advice, and have already informed my mortgage adviser.

uncle_ben_2

When we first queried which survey to have done, our Advisor told us that any survey would be limited in scope (someone mentioned not lifting carpets/moving furniture etc.). He said that we might be better off paying the extra money to have an electrician / plumber (etc) come round once we've moved in...

Personally though, we decided that we wanted to know before stumping up the money, and went for the homebuyers for peace of mind.

On a letter which accompanied our survey report the cost was £398.53; yet the mortgage company charged £595 for it... It might be worth finding out which survey company is doing the survey, and finding out from them - NOT THE BANK/BUILDING SOC - how much extra for a more complete survey???

Gillby1

Oh - can we do that? I assumed the survey is usually arranged through the mortgage lender?

So much to learn, and so many options!

courtjester

A couple of points -

Your 'mortgage advisor' is not responsible for the 'advice' he/she has given you over whether you get a survey or not - it's not his /her sphere of authority or influence. So if it turns out that the place is a wreck, you have no come back on the 'mortgage advisor' at all. You might as well go and ask your dentist if you should have a survey done on the place ....

The fact that the freeholder is responsible for management of the block does not mean that YOU won't have to foot at least part of the bill for any necessary repairs to the exterior or common parts. The freeholder is only notionally the owner of the building as a means to organise the way a building is managed and maintained by its occupants. In virtually all cases, you the leaseholder will be expected to contribute to major works (such as roofing, foundations, drains, windows, insurance premium etc.).

Whilst not a full structural survey, a homebuyers report would still be expected to highlight any major defects in the property and multiple occupancy buildings could have evident issues particularly with buildings regulations applying to conversion properties (houses into flats etc). A few hundred pounds on a proper survey is a false saving when considering the price you are paying for a property.

Neither a homebuyers nor a full structural survey will normally include the plumbing or electrical systems, for which separate reports would be required if you consider it necessary. Unless there is documentation to show that the wiring has been fully renewed recently, you might want to think about this. If there is any evidence that the wiring or plumbing has been installed by an owner at some point in the property's history, rather than a professional, this is a must.

The fact that mortgage valuations are called surveys at all is misleading - they are most definitely *not* surveys and are not done to protect your interests anyway.