buying a flat with cash, what survey to get?

getgobby

hi,

I find myself in a position now with an offer on a leasehold flat which has been accepted. As I will be making the purchase entirely in cash, and foregoing the need of a mortgage, can anyone offer me advice as to what kind (if any) of surveyancy should I get?

I understand that there isnt a requirement for me to do so, since I'm not borrowing from the bank, but I'd still like to know what are my options. The property is a newbuild, approx 7 years since it was built, so although im not anticipating any issues, I'd still rather be a bit on the cautious side.

Thanks
Gobby

G_M

You can choose to get a valuation, which will include some basic comments about major issues (ie it's only worth £XK because the roof is falling off)

A Homebuyers report - a tick-box excercise looking at a list of fairly comprehensive areas

A full survey - similar to Homebuyers but more detailed + a full written report

Entirely up to you, but presumably there's a NHBC warranty as it's only 7 years old? Plus by 7 years any initial build issues should have become apparant, whilst problems relating to old age (roof getting to end of its life) will not appear for MANY years to come.

The other factor is your own competance. If you have a bit of common sense you can spot many things yourself if you look beyond the decor and systernaticall check the building from top down. Yes, lift the manhole covers and see if they are clear or blocked. Smelly, but hardly rocket science!

womble12345

Personally I wouldnt do one in your position. In a flat there isnt much a surveyor can look at, I suppose if you are ground floor he could look for rising damp, if top floor and you have access to the loft he could check roof timbers but if you have other flats above and below you then I wouldnt bother.

JQ.

My brother in law bought a house with cash and got a building survey and valuation done. The savings he made on renegotiating on the price after the survey - issues found and valued lower than purchase price, paid for the cost of the survey ten times over.

I think you'd be mad not to get one, even if it's only used as a bargaining tool. Personally, I'd want one for peace of mind. You're talking about incurring £500 on a purchase £'00'000's.

A property being newbuild is definitely not an indicator of a problem free property.

geoffky

we paid cash and got a full survey so i knew my money was well spent....great for piece of mind..