Has a homebuyer survey been carried out?

hyposmurf

I've applid for my mortgage through YBS and they have carried ouit the survey which came back fine.I asked for a homebuyer survey as NHBC were unsure whther they would fully cover the property I was purchasing.
I now have the mortgage offer in writing with he report attached to the back.The report says Mortgage valuation and the small print says this is not a structural or homebuyers report.Also says that this is NOT to advise you of whether you should purchase or to provide a schedule of repairs.

If they have carried out a homebuyers report surely I should recieve a copy of the report to?Does it look like they have only carried out a mortgage valuation, rather than a homebuyers report that I asked for?

Voyager2002

Why not ring up and ask them? And of course the cost of a Homebuyers' report is greater than that of a valuation, so you should know what you paid.

hyposmurf

Yeh Im going to ring them anway,but wanted to get an idea of whether I was correct.Could easily tell me oh thats all you get,as it could cost them again to send a surveyor out again.I've paid for a homebuyers, but that doenst necessarily mean they have carred out a homebuyers survey.

Should I recieve a copy of the homebuyers report if I have paid for one through my mortgage lender?

mp80

Yes, you will. The lender will get a simple "Yes / No" valuation in respect to the agreed offer price.

The report should come directly to yourself from the surveying firm responsible. It can take a bit longer (5-10 days)

kingstreet

Have you signed the survey firm's terms of engagement and returned them?

hyposmurf

kingstreet wrote: »

Have you signed the survey firm's terms of engagement and returned them?

What's that?The survey firm were contracted via the mortgage lender.They've apparently done both surveys.Surely I wouldnt have direct contact with their surveyor?

hyposmurf

mp80 wrote: »

Yes, you will. The lender will get a simple "Yes / No" valuation in respect to the agreed offer price.

The report should come directly to yourself from the surveying firm responsible. It can take a bit longer (5-10 days)

Hopefully that is the case the survey report was dated last monday, but I have nothing to say this report will follow.

kingstreet

Whether you contract with an independent surveyor or have the lender's choice of surveyor carry out your report as well as their's, you'll be asked to sign the surveyor's terms of engagement before any report is sent to you. This will confirm you are happy with the limitations of the inspection and the scope of the report.

You won't get your report until they've sent you their terms and you've signed and returned them.

How much did you pay to YBS for the valuation and survey? What's the purchase price of the property? As en example, a £150k purchase has a valuation fee of £265, with the fee for a valuation and homebuyer's report at £450. Chances are, if you've only paid in the £200s, you've only paid for a basic mortgage report and valuation.

mp80

Well, I am in the same position as the OP, I got the T&Cs yesterday from my HomeBuyer report - speaking to the surveyor he said I didn't need to sign them, just that they were there for information. Possibly the contract had been implicit when instructing the lender to undertake the survey through the surveyor?

kingstreet

mp80 wrote: »

Well, I am in the same position as the OP, I got the T&Cs yesterday from my HomeBuyer report - speaking to the surveyor he said I didn't need to sign them, just that they were there for information. Possibly the contract had been implicit when instructing the lender to undertake the survey through the surveyor?

Part of the lender's declaration may deal with extended survey services. It's unusual for that to be the case, but not impossible. Either way, you are correct about what you said before. The report will be sent directly to you by the surveyor.

Pupnik

The homebuyer's report will be unmistakeable because it will be a large bound document with a lot of detail, while the valuation is probably a sheet of A4 with a few paragraphs of any major issues and the valuation itself.

I think we got our homebuyer's report about 2 weeks after the valuation. The only T&Cs I signed were with the broker when I filled out the form with my payment details on, so you may have signed yours then too.