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house valuation /house report
cheepskate_2
Posts: 1,669 Forumite
hi
We are currently looking at property. Our Mortgage adviser doesnt think we need a survey on it as the home report did not bring anything of major up.
so my q's are: do we really need a report done by ourselves or can we just go with the homebuyers report.
And is the homebuyers report usually accurate in the value of the property
Many Thanks
We are currently looking at property. Our Mortgage adviser doesnt think we need a survey on it as the home report did not bring anything of major up.
so my q's are: do we really need a report done by ourselves or can we just go with the homebuyers report.
And is the homebuyers report usually accurate in the value of the property
Many Thanks
0
Comments
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The Valuation is not accurate. It's primary, ideed only, purpose is to satisfy your mortgage lender that there is enough value in the property for the amount you wish to borrow.
Hence you will never see a valuation higher than the agreed purchase price (but will sometimes see one lower).
As for a survey, it's up to you.
* what is your attitude to risk?
* what is the extentof your knowledge of property?
* what kind of property is it? Age, condition etc?
eg
* if it is a newish property that is obviously well-maintained and you are confident you would spot any major issues like damp, missing/broken roof tiles, cracks in walls from subsidence - no survey needed
* if it is a 100 year old property, the last owner died there after living there 50 years and never maintaining it and you know nothing about buildings, DIY etc- get a survey!0 -
cheepskate wrote: »We are currently looking at property. Our Mortgage adviser doesnt think we need a survey on it as the home report did not bring anything of major up.
so my q's are: do we really need a report done by ourselves or can we just go with the homebuyers report.
And is the homebuyers report usually accurate in the value of the property
Are you buying in Scotland? If so, it's a Home Report, not a homebuyer's report.
The vast majority of buyers do so on the basis of the Home Report, and without commissioning an extra survey. The majority of lenders likewise accept HRs which are no more than 12 weeks old, but again, there are exceptions.
The valuation is the surveyor's view at the time he did the report. The true value is what you're willing to pay, balanced against what the seller wants, maybe with the two of you meeting in the middle.0
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