First time mortgage rejection query.

mjd87

Mishomeister wrote: »

Just wandering if the smart boy was able to save this kind of money by living rent free or for a very cheap rate with parents which is not an option that everyone has.

I didn't bother to replying to 'smart boy' at the time as I thought his post was just a little patronising. Obviously everybody has different circumstances, we certainly have not had the chance to save that kind of money; both working through Uni and living 'out'. No regrets mind, I feel lucky to be in a position to even think about owning property, particularly given the current economic situation.

Anyway, we are currently at the survey stage and I was hoping for a little more advice...

We have been offered a 'home buyers' survey for £275 (banks valuation survey is free) which seems reasonable but I am still not sure whether it is worth it. They have sent me an example survey and it seems very superficial/vague. The house is mid terrace, 1910-20's railway 'cottage' with no (obvious) signs of damp, subsidence or masonry defects. Main issues are boiler and electrics which it doesn't cover in any detail.

We have budgeted for a survey and are tempted at least for peace of mind, would people recommend we get one in spite of the doubts?

Phil_rich

Go for a survey but not the 'home buyer' one that has been offered. It will be very basic and will probably be to the tune of, roof is on, walls are straight. Find a local surveyor and get a more comprehensive report, the survey may show up problems 10x the cost of the report. If not its small ££ for piece of mind.

bigadaj

The problem with the survey is that it will only be very vague on all levels. I've experience of construction so may be a bit more clued up than some, but the best person to check things is the buyer as they have the most to lose. Structural issues and damp etc are fairly obvious, if anything looks dodgy then get someone to look into it in more detail, probably a structural engineer rather than a surveyor.

The surveyors report will normally raise possible issues with caveats, and particularly issues like the boilers and electric will be raised as of potential concern and should be looked at by so done with specific expertise. In this case you're better off paying a heating engineer and an electrician a few quid for an independent report, we did this when buying a fair while back and ended up getting the house rewired and splitting the cost with the vendor.

Always have a good look round the loft, cellars, if any, and inside and out, it's your money after all ( well the banks initially but yours in time).

mjd87

Thanks for advice!

We were planning on having the boiler and electrics looked at separately anyway as we are aware that the report will not give recommendations and price of repair. However, we were thinking that the more independent nature of the survey would back up this advise if negotiating with the vendor whilst also giving us peace of mind regarding structural defects. Does this sound sensible?

Having browsed other threads the general consensus seems that despite the flaws it is probably still worth getting a survey.
Like I say we have budgeted for it and £275 is a relatively small amount in the grand scheme of things.