Survey 5 yr old flat - is it worth it????

pjran

Please will give your opinion on whether it is worth having a survey on a 5 yr old flat.

Only a small amount of the value of this place will be on a mortgage, approx 35%.

Estate agent says no need and doesn't think lenders will bother either.

Thank you.

uk_messer

Certainly the mortgage company will only care about a valuation survey, not a full structural one.

With a flat, would it really matter since the major structural work is down to the freehold of the building, is it not?

If it's 5 years old isn't it covered by a NHBC warranty or similar anyway?

G_M

pjran wrote: »

Please will give your opinion on whether it is worth having a survey on a 5 yr old flat.

Only a small amount of the value of this place will be on a mortgage, approx 35%.What's the relevance of this? YOU are the one spending £000s !

Estate agent says no needSurprise! A survey will not help him sell the property, but might find a problem that stops the sale. Oops! No commission. and doesn't think lenders will bother either. If the mortgage is small, they'll do a valuation just to check. What is the relevance of their decision on whether you need a survey?

Thank you.

You have to understand who is interested in what:
The mortgage lender just cares whether they are risking their 35%.
The agent just cares about a smooth quick sale leading to a commission.
The seller just wants to sell.

And you? Well, you just want to pay £X00,000 as quickly as possible and never mind if you then have to spend another £X000 on a new roof, whatever, in 12 months time........?

The decision about a survey is about protecting yourself, not anyone else.

Now, OK - 5 year old property maybe has an NHBC warranty? Has it? That might influence your decision.

Or you might be a canny, competant property-buyer, capable of spotting structural problems for yourself. Are you? Or is you partner/dad/best friend.....

G_M

uk_messer wrote: »

With a flat, would it really matter since the major structural work is down to the freehold of the building, is it not?

Very shortsighted approach.

Yes, responsibility for arranging repairs and maintenance lies with the freeholder, but the COST will be shared by all the leaseholders (flat owners), depending on the precise terms of the leases.

Sadly many First Time Buyers purchase flats as a first home, and assume, in ignorance, that they only need worry about their flat.

Then they post deperate queries here having received a bill for £X000, being their 'share' of the cost of a new roof/external paintwork/whatever.

bristol_pilot

A surveyor is most unlikely to be able to gain access to the flats of the other owners, or to the roof space unless it is accessible from the flat you are intending to buy. For a flat, the 'scope of work' in the surveyors T&Cs is riddled with exclusions. If you have a pair of eyes, you can see for yourself if there are obvious problems like cracks - if there are, don't get it surveyed just walk away.

Personally, I would not instruct a survey on a new build or nearly new flat.

pjran

Thank you all for taking time to reply.

I am so glad you haven't said "you must get a full survey" as its a large development. Your common sense approach and wise words are much appreciated at this stressful time.

hazyjo

Just to add - we recently bought an 8 year old house. There were still lots of things that were pointed out in the survey. Nothing serious, but a couple of leaky balconies and a drainage issue, a window that wouldn't open, along with a few niggly things.

You will never get a perfect survey. In order to stay on top of the maintenance, and to know what sort of issues might crop up in the future, it might well be advisable to get a survey. Personally, I always think it's worth the £400-sh or whatever for a homebuyer's report when you're spending X amount (tens/hundreds of thousands of pounds!) on a property!

Jx