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Building Survey (as well as valuation) organised by bank - good idea or not?
m00m1nmama
Posts: 6 Forumite
FTB, have mortgage in principle with HSBC, and submitted full application today.
We opted for a builders survey as the price was really reasonable compared to quotes I had seen elsewhere (£414) and thought it would be efficient to have it all organised in house, and speed is of the essence in this sale. (The vendor has accepted our offer based on us committing to a quick turnaround)
However, the low price troubles me - is there risk attached to having the builders survey organised by the lender - i.e. a higher chance of the mortgage being refused?
Really appreciate your advice on this.
We opted for a builders survey as the price was really reasonable compared to quotes I had seen elsewhere (£414) and thought it would be efficient to have it all organised in house, and speed is of the essence in this sale. (The vendor has accepted our offer based on us committing to a quick turnaround)
However, the low price troubles me - is there risk attached to having the builders survey organised by the lender - i.e. a higher chance of the mortgage being refused?
Really appreciate your advice on this.
0
Comments
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No, it's fine.
It is cheaper because the surveyor is visiting the property, and giving it the once-over anyway for the lender to do their valuation. For your survey he just has to stay a bit longer and do a more in-depth check.
Also the lender probobly has a discount because thy put 100s of jobs his way.
You CAN get your own surveyor, but it'll be a one-off (at one-off prices) and you'll be covering the surveyor's travel time and initial inspection as well as the full survey.0 -
Thanks G_M - puts my mind at rest!0
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