Survey for New Flat Build

Erisu

Hi everyone!

Hope everyone is feeling good today

I'm a first time buyer and have been lurking around these forums for the past week if a survey needs to be carried out for a new build or not? I've read a mixer of yes and no's from here and all over Google searches so just starting yet another survey thread to get a few questions answered and if there are anyone has any latest experiences with surveys on new apartment builds?

Apologise that this topic has been done to death but as a first time buyer, I'm being very cautious

1) So is a survey really necessary for a new build that's not built yet? I'm buying in Canning Town, London and the due date for completion is January 2014. My Mortgage broker had just emailed me saying:

"...as it’s a new build there is no need for a homebuyers or full structural at additional costs..."

2) Would you go for a Full Building Survey or Homebuyer's Report?

3) My exchange of contracts deadline is 22 August 2013 where I will be required to give 5% deposit and do some paperwork. Is it better if I use a surveyor before this date or AFTER the building is complete in January 2014?

Feels like a bit of a double edged sword as if I use a surveyor before it's complete, it's not surveying the completed work? If I use a surveyor after it's built, I probably won't have the option to cancel the purchase and get my 5% deposit back?

Thanks all!

caeler

It is likely you'll need to complete the survey to proceed with your mortgage which has to be in place before exchange, so just go for the mortgage valuation survey - they go and take a look at the plans, surrounding area and make sure your not paying too much. Then what you'll want to do is invest some time in snagging the new property once it is complete, there are companies that specialise in this or you can do it yourself. I personally like to be a little more 'involved' in the build process - I visited site every weekend for 8 weeks and saw it get built, got to inspect work at every fix which was good.

Erisu

caeler wrote: »

It is likely you'll need to complete the survey to proceed with your mortgage which has to be in place before exchange, so just go for the mortgage valuation survey - they go and take a look at the plans, surrounding area and make sure your not paying too much. Then what you'll want to do is invest some time in snagging the new property once it is complete, there are companies that specialise in this or you can do it yourself. I personally like to be a little more 'involved' in the build process - I visited site every weekend for 8 weeks and saw it get built, got to inspect work at every fix which was good.

Great! Thanks Caeler! Yes the valuation is going to take place on 3rd July. I just found out about snagging today which interested me. So what I gathered is snagging is different from an actual surveying but rather a scheduled list of things that the developer needs to rectify?

But now I'm thinking to get a snagging schedule, surely having a surveyor to check the property creates this snagging list?

I read on Thisismoney.co.uk:

"...If you're buying a new build home, a valuation is probably sufficient because the property should be covered by a NHBC certificate or Buildmark, essentially a 10-year warranty..."


However after reading some horror stories that the NHBC is more on the developers side when something goes wrong (unless your building is literally falling apart), I'm having my doubts relying on the NHBC now

caeler

The internet is filled with horror stories because people only speak about the awful stuff!

A survey won't create a snagging list. If you commission a structural survey for example they will check exactly that but what they won't do is identify scuffs in the paintwork, wonky radiators, scratches in the white plastic window frames, misaligned kitchen cupboard doors, poorly fitted doors, etc. You get my meaning?

Check with your builder what kind of warranty they offer with the house. Persimmon hold the first 2 years of the NHBC and you call them direct for any kind of emergencies, for example my boiler stopped working and I called them out of hours and they fixed it. NHBC is really only for the big stuff which is why you make sure the build gives you a perfect home. When they hand it over to you either on the day of completion or slightly earlier you go through each room with a fine tooth pick and identify every issue, they list them down and get them rectified, hopefully they will be minor but have your wits about you, my neighbour moved in to find hot water wasn't connected to their shower, doh.