Homebuyers or Full structual survey, what would you choose?

Daniel_B

Hello all,
we are hopefully going to be buying a 1930's semi, agreed sale price is £311,000.

The mortgage valuation fee is £475 :rolleyes: and the additional cost, if carried out by the same people, is £240 for a Homebuyers report, or £684 for a full structual survey.

Last time we were buying somewhere of the same age, but for under £100,000, we just had a basic survey carried out, this time I am inclined to think we should pay the extra amount and get the full structual survey done, due to the value of the property, and the amount we are borrowing.

What would others do in the same situation?

For the record, our intention is to stay here for a good length time, ie 10-15 years or even longer!

Thanks

Dan

1066Kopite

A full structural survey without doubt.

thesaint

Personally, I wouldn't pay the extra on a 1930's semi unless I had cause for concern. It depends how well you trust your instinct.

I paid for a full structural on a 3 storey Victorian villa, but not on a 1930's terraced.

courtjester

I don't think there is a right or wrong answer to this - you take a greater risk by going for the less detailed survey, but even a homebuyers survey will flag up obvious serious problems - like possible subsidence for example.

The basic survey only allows limited access to 'hidden' parts so there could be things such as dry rot or covered up damage which it will not find.

Ultimately, the £400 difference in survey costs is very littel compared with the value of the asset you are buying and as this is an older property, you might want to just go for the most detailed report you cna get for peace of mind - if anything is found, this will almost certainly guarantee you can offset the cost against the purchase price, so you could end up saving money....

A common problem with 1930's homes is wartime bomb damage - old cracks and distortions, which is acceptable generally - often misread as subsidence cracking, which needs to be carefully distinguished as this is a threat to the integrity of the building.

Daniel_B

Thanks for those replies all!

Have just realised that the costs above are + VAT - they failed to mention that to me originally!

Thanks

Dan

peterg1965

Its a decision only you can make. I would take a good look around the house frist, look at the roof line and ridge line and general pointing, go up in the house loft and get an impression of the state of the roof and woodwork. they will give a general indication of the state of the house fabric. If you are concerned about anything specific, get a specialist in to have a check (ie damp proof courses etc). What are the houses around the area like, next door etc. Are they in a good state of repair.

Also remember that the Building society surveyor acts for the mortgage company, he does a cursory look at the house, maybe just 30 mins worth of looking around. They generally err on the side of caution, so if they have doubts about the roof, subsidence or dry rot (for instance) they will insist on a further report before the mortgage is offered.

On the other hand a full survey may reveal some other problems that you can go back to the vendor and ask for a reduction of the purchase price. The full survey is done for your benefit, as well as the mortgage company.

My first house, brought in 1992, was a 1930's semi. I didnt have a full structural survey. On reflection, knowing what I know now I would have had one done. I saw the house through 'rose tinted specs' being a naive FTB. There were subsequent issues with dampness, the roof and the central heating system!

It may be money well spent!