2 Surveys?

Delta_1984

Hi All,
FTB here with hopefully a quick one...

We can do either valuation or home buyers survey with the lender only having to pay them for the latter. I've read on here that when arranged through the lender the surveyor is working for the lender and might be biased. Therefore my question is should we (do people) get the free valuation for purposes of the mortgage only done with the lender, and pay for our own independent homebuyers for our own info?

Thanks v much in advance.

motherofstudents

It really shouldn't make any difference. I'd suggest you compare prices. The surveyor won't be biased. When they do the valuation, that is for the lender but the homebuyers will be for you.

Riggster

Being biased towards the lender is good for you.

The surveyor would be less likely to gloss over anything. The mortgage lender will only lend on a sound, un-risky property. I suggest you should only buy a sound, un-risky property anyway?

Delta_1984

Good advice, thanks!

gazter

We had the valuation done by the building society and got a full structural survey done ourselves.

We wanted to be in control. If the BS survey showed up anything that needed work they could reduce the offer accordingly. If our surveyor found the work it would be our choice.

It was still cheaper to pay for a valuation survey from BS, and a full structural ourselves than to pay the BS to carry out a single full structural survey.

rebeccatom

We got 2 survey's. The mortgage companies valuation and an independent full structural survey. We did this because we are buying a do'er-upper and wanted to go in with eyes wide open about the level of work that needs doing.
The mortgage companies one came in £2500 lower than what we had offered and subsequently the seller has come down to that price so it has worked out well.