A little confused about survey/valuation/homebuyers report

martin2345uk

Hi guys,

I've read some conflicting info online about this...

Basically we've had an offer accepted, have found out today our mortgage application was approved, instructed solicitors...

My confusion is the survey part.

The lender, HSBC, do 3 "levels" of survey:

• Standard Valuation
• Home buyers Report
• Full building survey

We are going for the Home buyers Report, as we were told the full building survey was not really necessary for ~10 year old houses like the one we're going for...

2 questions:

1. Is that actually true? Is this the appropriate survey?
2. Should we be organising some addition survey not through the lender?

Sorry if these are dumbass questions... it's all happening rather quickly now!

Martin
:eek:

mrsmchapman

A homebuyers generally included a valuation to. I've always been lead to believe that full building surveys are usually only needed on older properties. I'm buying a 1970s and only having a homebuyers.

holly_hobby

A Full Structual (FS) survey, is the belt and braces of surveys, and from a professional point of view, should always be recommended, if affordable. But are especially important for HNW properties, and older dwellings (indeed on occassion the lender may actually request one to be conducted). As part of the FS, the surveyor asks for any concerns you have/want him to look specifically at, and incorporates a basic report which is provided to the mge lender, but only you will receive the full FS report (which can be quite meaty and run to many pages).

Of course most peeps balk at the costs involved/or simply can't afford a FS, so the next best (if you will) is a Homebuyers report. Which is not as detailed as a FS - but still pretty thorough - again the surveyor will usually ask if you have any specific concerns you want him to look at, etc. And for a property of circa 10 yrs, I feel will probably be sufficient (unless its of particularly poor build quality). Again, the surveyor will provide the lender with a basic report, whilst furnishing you with the full Homebuyers report (again likely to run to several pages).

Within both of the above surveys, the surveyor may advise or request additional independent specialist reports re areas of concern, such as evidence of damp/timber issues, structual movement, outdated electrics, or whatever they feel needs an expert eye and evaluation.

The bottom of the ladder and cheapest, is the basic survey - this is essentially for the benefit of the lender (although you pay for it), whereby the surveyor is assessing the property is suitable for mortgage purposes, that the pch price is consistent with comparible properties and the condition of the dwelling, and if there are any obvious to the eye (ie without any poking about) essential repairs reqd (as briefly detailed above)
.
So, a Homebuyers for a farily new property at circa 10 yrs old, I think should be fine .... but this is a general comment made without knowing anything about the details of the pch.

Hope this helps

Holly

Lord_Baltimore

Just so you know, a Homebuyer's Report won't reveal anything that you can't spot yourself. You can pretty much guarantee it will contain a reference to damp, getting the electrics upgraded, something about roof tiles and for good measure, something about the windows or wet rot or the like. It will also recommend you get a specialist in to check all of these things.

In short, you will be left with more questions than answers (unless you pay for specialist opinion - nope, you thought wrong if you thought the surveyor was your specialist opinion) and you will pay handsomely for your ensuing confusion.

Good luck indeed.

Jenny.W

Lord_Baltimore wrote: »

Just so you know, a Homebuyer's Report won't reveal anything that you can't spot yourself. You can pretty much guarantee it will contain a reference to damp, getting the electrics upgraded, something about roof tiles and for good measure, something about the windows or wet rot or the like. It will also recommend you get a specialist in to check all of these things.

In short, you will be left with more questions than answers (unless you pay for specialist opinion - nope, you thought wrong if you thought the surveyor was your specialist opinion) and you will pay handsomely for your ensuing confusion.

Good luck indeed.

I'm afraid I would have to disagree

We opted for the homebuyers report...surveyor called me beforehand to ask if I had any concerns and called me afterwards. Said there was some minor damp, evidence of woodworm (could be old), couple of loose roof tiles, all of which certainly weren't evident on viewing. Told me there was nothing that concerned him and to be expected in a property of this age and said it was a nice property.

Maybe we were just lucky with a nice surveyor

Lord_Baltimore

deleted...

holly_hobby

Lord_Baltimore wrote: »

I rest my case your honour! I could have written that report at my desk and rung you nicely later and all for £400. Gawd.

£400 ... blimey your rates are cheap !

OP, going for anything other than a basic survey means the surveyor has essentially performed the survey for you ... which means that should the worst come about, and something is missed, YOU have direct recourse with the surveyor - whereas on a basic survey, as I say, this belongs to the lender and you personally have NO comeback to the surveyor at all.

Hope this helps

Holly

Lord_Baltimore

holly_hobby wrote: »

£400 ... blimey your rates are cheap !

OP, going for anything other than a basic survey means the surveyor has essentially performed the survey for you ... which means that should the worst come about, and something is missed, YOU have direct recourse with the surveyor - whereas on a basic survey, as I say, this belongs to the lender and you personally have NO comeback to the surveyor at all.

Hope this helps

Holly

I'm only cheap for lovely ladies Holly . Incidentally, there will be no recourse to the surveyor - he will cover his backside by saying you need a specialist. I bet it said that in your Report.

holly_hobby

Well if he/she has requested a specialist report, he/she hasn't missed that particular issue ...

There is of course complete recourse to the surveyor in respect to a HB/FS, or RICS if there is dispute (no one's saying it will be successful) - which the individual does not have with a basic survey for mortgage valuation purposes, which is for the lenders benefit only.

You sound as though you have had a poor experience , and if so its completely understandable that you would wish to voice your thoughts and opinion

However, I also don't believe its helpful disuading peeps from seeking a HB/FS, when the option of a basic offers them absolutely no remit for complaint or resolution, and typically only provides the most cursory of inspections.

Anyhoo, horses for courses I suppose ....

Hope this helps

Holly

robatwork

Valuation - drive past and check it's really there
Homebuyer's - drive past, slow down, count walls and roofs
Full - Enter property, check everything visible, probably don't move furniture or check under carpet. Use lots of couched terms like "possibly" "maybe" and "couldn't inspect" and "get specialist opinion"

To be a little more fair I have seen some good and bad homebuyer's reports - some close to a full survey and some Baltimoresque.

holly_hobby

Yep, over the yrs seen lots of at various depths of detail - but I'd rather have and recommend one than not, given the odds.

Holly x