Bank surveyor- should I still get own survey on top?

sterl1ng

I was thinking of using lenders surveyor for a level 2 valuation and wondered any cons in doing that? Or is it best to have the very basic valuation via lenders surveyor then I arrange own surveyor for homebuyers valuation level 2 report?

Yorkie1

I would think that most people use the lender's surveyor for their own survey. It usually ends up being cheaper overall, I would think.

However, some people like the idea of having an independent surveyor go round on their behalf.

Matter of preference, I would say.

geoffky

We never had a mortgage so i paid for a independent to do a survey cost me £350 if i remember right(2010) It was piece of mind.

Flashmanchop

it depends how old the property you are buying is, and how confident you are.

A basic mortgage valuation will be just that-basic.

princeofpounds

Surveyors should be doing roughly the same things in a property. If you have a really odd property you might prefer to get one with experience in that area. Or you might get slightly better service if you employ your surveyor individually rather than being one of a bank's 'production line' but it really shouldn't matter much and on a homebuyer's survey even less.

Remember the bank and you are on the same side of the transaction; you both have an interest in the house. It's far less dubious than using an EA referral.

Yorkie1

Flashmanchop wrote: »

it depends how old the property you are buying is, and how confident you are.

A basic mortgage valuation will be just that-basic.

A valuation is done solely for the benefit of the lender. It assesses whether the property is worth what the lender is buying, and that is all.

The buyer has no automatic right to see it, nor necessarily to rely on it (because they are not the client) if anything goes wrong later.