Advice needed, please.

Phaid

Hi all, for starters, this is a great site!
I'm looking for advice on my present situation, which is that I'm buying a house for 200K and I will be borrowing 100K.
The other 100K is my life's savings, it's a shame I was introduced to wine, women and song at an early age, I probably could have bought it outright otherwise ;-)
I'm looking for opinions on everything really, but the thing on my mind at the moment, is should I pay extra for a home buyers survey for the house which is only 8 years old, I've viewed it twice and it appears to be immaculate.
I will be using the Yorkshire Building Society on a 5 year fixed rate.
My concern is that because I'm only borrowing 50% LTV (Loan To Value) will they even bother sending someone to value the house?
Cutting a long story short and I'll spare you all the gory details, I very nearly got 'shafted' on my last trip to property land due to a dodgy survey which was a homebuyers survey.
To upgrade the basic valuation survey (free with the mortgage) to a homebuyers survey will cost £200 approx.
The mortgage people and the estate agents have said that a basic valuation will be all that's needed, but I thought I'd throw the question out to you all.
What would you do in my position?
Also the Yorkshire Building Society, has a conveyancing service which saved me £200, well worth a look.
This service is probably well known about, but I only found out about it today so their must be others who might benefit from it.
Anyway thanks in advance for all comments.
Kind regards,
Phaid.

Debt_Free_Chick

Phaid wrote: »

should I pay extra for a home buyers survey for the house which is only 8 years old, I've viewed it twice and it appears to be immaculate.

Do you consider yourself as the "trained" or "untrained" eye? How would you feel if you bought it and then found some problem costing £000s to repair?

The main reason for having a survey is so that you know exactly what you're buying and, possibly, whether or not you are paying a fair price, given the condition of the property.

I will be using the Yorkshire Building Society on a 5 year fixed rate.
My concern is that because I'm only borrowing 50% LTV (Loan To Value) will they even bother sending someone to value the house?

Yes they will. They will want to know that they are lending 50% of x and not 100% of y.

Cutting a long story short and I'll spare you all the gory details, I very nearly got 'shafted' on my last trip to property land due to a dodgy survey which was a homebuyers survey.
To upgrade the basic valuation survey (free with the mortgage) to a homebuyers survey will cost £200 approx.
The mortgage people and the estate agents have said that a basic valuation will be all that's needed, but I thought I'd throw the question out to you all.
What would you do in my position?

It doesn't really matter what we would do - you have to go with what will give you peace of mind. If you went ahead without an independent and experienced opinion on the condition of the property, would you be happy to find out later that you really need ... a new damp proof course? A new roof?

If you can take these things "on the chin", should they arise, then forego the survey - but it is generally considered to be a "bad idea" to have no survey at all.

The valuation is just for the lender - it tells you nothing about any potential problems. Having said that, surveys often insist on you getting other "specialist" reports - it's an overview of the condition, not a full, detailed inspection.

PROFESSIONAL_LANDLORD

The house is only 8 years old ! I would stick to the basic survey, and spend my £200 sovvies on.........................













wine, women and song.

Debt_Free_Chick

PROFESSIONAL_LANDLORD wrote: »

The house is only 8 years old ! I would stick to the basic survey

Good point - I missed that