No survey

Hello123_2

(This is a question on behalf of my friend who is here with me now).....

She has exchanged contracts on her first home but did not have a survey done. The mortgage company did a valuation but the survey was optional and she chose not to.

She is now regretting this and understanding she is at the point of no return, she (and I!) are wondering if there were any MAJOR issues eg subsidence, severe damp then would this have been picked up by the valuer?

Anyone thinking of not having a survey take my friends advice..its a small price to pay for all the sleepless nights shes had this week!

Thanks

USM

The lender's valuation may have been done based on figures so they may not even have visited the house. If they did, it was likely to view it from outside.

So no, it is unlikely that any issues at all would have been picked up.

Hello123_2

USM wrote: »

The lender's valuation may have been done based on figures so they may not even have visited the house. If they did, it was likely to view it from outside.

So no, it is unlikely that any issues at all would have been picked up.

Ok. She thinks a valuer did go to the house for a look round it that makes any difference?

When you say based on figures do you mean recent sale prices in the area, EA listing etc?

anyusernamenottaken

I believe the valuation survey is the equivalent of taking your car to the garage and them kicking the tyres...

...not opening the bonnet.

GAH

With the mortgage valuation the surveyor will take damp readings and will also look to see if there are any major problems that would deem it un-mortgagable or if there are problem enoughs to to put a retention on any works to be done.

The homebuyers report or building survey is then more for your piece of mind so you can cost other jobs up properly.

If your friend has exchanged without a survey, she obviously knows she has done wrong. She could still ask her solicitor what are the options on pulling out, but the financial penalty would be huge.

Hello123_2

GAH wrote: »

With the mortgage valuation the surveyor will take damp readings and will also look to see if there are any major problems that would deem it un-mortgagable or if there are problem enoughs to to put a retention on any works to be done.

The homebuyers report or building survey is then more for your piece of mind so you can cost other jobs up properly.

If your friend has exchanged without a survey, she obviously knows she has done wrong. She could still ask her solicitor what are the options on pulling out, but the financial penalty would be huge.

Many thanks for your help. She still wants to go ahead, I suppose it's the peace of mind like you say that major problems wont come to light when they move in.

Just out of curiousity, how do the valuers assess damp/structual if they only do a 'drive by' valuation?

cattie

Valuers are only making an assessment of the value of the property to in an effort to ensure it is at least worth the amount being loaned on it. Not all valuers bother with things like damp readings & will just have a quick scout around to see the general condition of the house.

If your friend is sorry she didn't have a survey done, then for her own peace of mind there is nothing stopping her getting her own survey done at anytime just to put her mind at rest regarding damp & structural problems. How old is the property by the way?

Hello123_2

cattie wrote: »

Valuers are only making an assessment of the value of the property to in an effort to ensure it is at least worth the amount being loaned on it. Not all valuers bother with things like damp readings & will just have a quick scout around to see the general condition of the house.

If your friend is sorry she didn't have a survey done, then for her own peace of mind there is nothing stopping her getting her own survey done at anytime just to put her mind at rest regarding damp & structural problems. How old is the property by the way?

It's about 11 years old. She is looking into having a survey now just for peace of mind. She has been very foolish - I think she was trying to hold back on the ££ for the survey. She is saying she doesn't know if someone has been into the house or if they just drove past (not sure how common that is) so how would they notice something like damp or structual if they drove past :-/ Thank you

phill99

This is a brilliant forum: people can comment on any subject that they know absolutely nothing about and the OP takes it as gospel. Marvellous. Its the virtual equivilant of "A bloke down the pub told me...."

This is what happens with a valuation for mortgage:

The valuer (normally a member of the RICS) will attend. He has a duty of care to the lender and you as the borrower. His task is to ensure that thte property is worth the money being borrowed against it so that in the event of a 'forced sale' (ie it's repossessed) the lender (bank / BS) will get their money back.

Because of that he has to ensure that the property is basically in a sound state of repair bacause any major defects will affect the property's value. This includes things such as obvious roof defects, subsidence and damp.

He DOES NOT do a drive by valuation. He has a duty to actually inspect the property. This will include taking damp readings etc.

So your friend can rest assured that if there are any major defects, these will have been picked up and she wouldhave been advised of such.

Guys: if you don't actually know the answer to somebody's post, then don't comment. All you do is send people up the the wrong path and create unnecessary distress.

Thrugelmir

phill99 wrote: »

He has a duty of care to the lender and you as the borrower.

Not to the borrower on a straight valuation. The surveyor is employed by the bank.

Basic checks such as working heating system are down to the purchaser.

InMyDreams

phill99 wrote: »

This is a brilliant forum: people can comment on any subject that they know absolutely nothing about and the OP takes it as gospel. Marvellous. Its the virtual equivilant of "A bloke down the pub told me...."

Which is exactly what the forum is and should be. (If people want professional advice on which to act, then it needs to be paid for through proper means.) But do I detect disapproval in your sarcasm?

I don't think the OP was necessarily taking anything as 'gospel' just being politely gracious (as one would hope) and asking more questions. Which is what these forums are all about!