Pros and cons of using bank's surveyor

casper_g

My wife and I are looking at buying our first house, and would like the reassurance of getting a full survey, or at least a homebuyer's report.

Our prospective lender's quote for "upgrading" the valuation to a full survey or a homebuyer's seems reasonable. My wife favours going with this option, but I instinctively feel it would be preferable to get their basic valuation only and commission a survey from our own independent surveyor.

What would your preference be, and why?

GuidoT

You will be fine going with the banks appointed surveyor, they will be chartered.

Perfectly normal to do this.

It should save you are a few hundred pounds in fees as both the valuation and homebuyers survey are done at the same time.

I would not have a full survey unless that house is over 120 years old or has a history of structural problems.

chambta

Unless you can get the homebuyer's report done on top of the bank's basic valuation independently for little more than the bank's HR I wouldn't bother.

When I bought my house I chose to do it separately as I got a good deal from an independent local surveyor and if I wanted to pull out at that point I'd have been better off. Once I was happy with that I then paid for the bank's basic survey.

neverdespairgirl

Depends on the sums.

With Lloyds, they wanted £2,500 for a full structural survey, but the valuation was £600. So we got a full survey elsewhere for £500 + VAT.

paint

Likewise, my valuation survey via the Lender was £350 and the Homebuyers was £550. I paid the £550 and, for the £200 extra, it was pretty good value for money.

casper_g

Thanks for the opinions so far. Would I be right in thinking the popular view would be that a full structural survey would be a bit OTT? The property is likely to be a Victorian 2-3 bed terrace.

In our case the bank's valuation is about £170 and their homebuyer's report & valuation would cost £370 total. I've had a quote from a surveyor recommended by a colleague to do a homebuyer's for £300, so having this and the bank's valuation would total £470, so about £100 more than using the bak's surveyor. We're not really talking massive sums of money.

My other question is how much flexibility would there be with a survey arranged through the bank e.g. if you wanted to speak to the surveyor about the possibility of a loft conversion, extension etc. If you employed an independent surveyor to do a structural survey you could ask them to focus on specific points like this, but I assume the quote from the bank is for a general all over look at the property?

Crinz

depending on what bank you use the level of service offered can be different but I do know that the bank only ever see the valuation. The report is for your benefit and can be tailored within reason.
I know that Colleys will try to call the buyer to see if there is anything in particular they want looking at before they go out, if they cant get contact they will do a full report on all apsects anyway.

The people doing the valuations and surveys are all externally qualified surveyors so they are going to do a thorough job regardless of who they work for

neverdespairgirl

casper_g wrote: »

Thanks for the opinions so far. Would I be right in thinking the popular view would be that a full structural survey would be a bit OTT? The property is likely to be a Victorian 2-3 bed terrace.

I'd regard it as essential, rather than OTT.