Homebuyer Report vs Building Survey - Advice

MikeyGB313

Hello All

Your help and opinions are greatly needed and appreciated as always.

My partner and I just went through our mortgage application today. We ofcourse had to agree to the banks valuation survey. The question was asked do we want to upgrade to the home buyers report.

Our thoughts are as follows:

1) Should we use the banks surveyor for a "greater detail" survey. or go independent?

2) Should we do a Home Buyers Report or a Building Survey.

Everything I read suggests the building survey is more for older properties (this one is built 80's onwards) and that it only points out potential issues rather than actual checks.

But my brother seems to think doing the full survey may help with any insurance issues that could occur down the line?

A thing to note - we are due to go on holiday Saturday - and the current owner is aware of the valuation survey only. So additional arrangement needed with her if going for a more lengthy survey.

Thoughts?

Izz

Homebuyers Report should be fine - it should flag up anything major and give you a heads-up on future maintenance. Has the Valuation survey already been done? If not the mortgage lender may agree to accept the valuation from the HB report, providing that they 'approve' the surveyor. That may save you some money. If you've already had the valuation survey, it's up to you who you use for the HB report. Someone you know may have a recommendation - it can be informative to actually talk to the surveyor as well as read the report, so an independent rather than a big firm may be better. RICS (surveyors' professional body) has more information and a list).

But don't rely on the valuation survey, it's for the lender's benefit only. The surveyor should be able to liaise with the current owner and estate agent to get access for the surveyor.

cattie

Homebuyers should be fine for that age of property. It's definitely the one I'd go for.

I only go for buildings surveys on older properties or if I ever felt there were serious concerns in a property of less than 50yrs old.

holly_hobby

With a HB or FS survey you will get a full copy of the survey - along with a copy to the lender for their uw process.

Its a basic valuation, which is strictly for the lenders benefit and for their eyes only so to speak.

If your offer has been made subject to survey, you also have possible room for furhter negotations depending upon the findings of the report.

Hope this helps

Holly

girl_withno_name

I'd say HB - based on advice I've had/read on these forums.

We've offered on a property that's 29 years old, with no concerns that we picked up on during the first or second viewings, property also appears to be very well maintained - HB for us.