Nationwide - Valuation or survey?

Denene

I'm am buying a house (:j) and have applied for a Nationwide mortgage through a broker. Nationwide arranged a valuation which happened last week. I asked my broker about having a homebuyer's report done, but they said that the Nationwide would check for things like damp and structural problems, and a homebuyer report would only add information about things like whether the taps work etc. Is this correct?

I have always thought that a valuation was just a check that the house existed and was worth approximately the amount it was sold for, and had assumed that I would need a homebuyer's report/structual survey as well, but now I'm not sure.

ETA: I'm in Northern Ireland, if that makes any difference

Kynthia

As far as I know you are correct and a valuation survey is just a confirmation on whether the property is worth the price being paid. Do you have a copy of the report, or do you know the name of the company so that you can ask them what their valuation survey's cover?

m0bov

You will not get to see the lenders survey. They may not even enter the property. Best to instruct your own survey which the lender will not get to see.

Denene

Thank you both for confirming what I thought. I hadn't considered that even if there is some kind of valuation report, I may well never see it! I will get onto a surveyor tomorrow (closed for the BH today).

I cannot wait to get this done - so confusing!

Thanks again

cwcw

m0bov wrote: »

You will not get to see the lenders survey. They may not even enter the property. Best to instruct your own survey which the lender will not get to see.

I've read this sort of thing a few times on here but can't say it's been my experience.

I've had 2 valuations done. One was on a flat, where we decided the age of the property and the responsibility for the buildings lying with the freeholder meant that a Homebuyer's or full survey was not really necessary (slight risk, but it paid off). The other was on a purchase of a house, which we also had a full survey done along side with and eventually led to us pulling out. In both cases, we received the valuation report as a separate document and in both cases, they had entered the property to value it.

cwcw

Denene - given the alleged advice offered to you by your broker so far, I would be inclined to double check that you have actually got the best mortgage deal available to you.

oldskoo1

We only had a valuation done on a 8 year old house also by nationwide.

I also wondered whether to have a homebuyers report. After much deliberation i decided against it.

It mostly scrutinised what the valuer thought needed doing to the property. It also made exaggerated recommendations on urgently checking gas and electrics. It wont check the roof or structure.

I clarified with Nationwide about their valuation. If they suspect damp, roof damage or subsidence they would always recommend further investigation before approving the lending.

You could check this with Nationwide over the phone or your broker.

They should confirm this for you. They just told me they do look for these problems as if they didnt and the house had existing subsidence they wouldn't get their money back if they repossessed it.

To be 100% sure you would have to have a full survey.


As a rule for me personally around 10 years or less just a valuation. 10 years or more perhaps a home buyers if i thought it was worth it for a property that needed work. But if over 20 years, especially a 1960's or earlier i would get a full structural survey.

Denene

Thanks for the replies. I have arranged a homebuyer's report, just to be on the safe side. What the broker said was pretty much what oldskoo1 described. The house is old (although in good nick), so I figure it can't do much harm to have a report as well, especially as I'm an anxious FTB :rotfl: