Valuation for House sold in auction

olx1s

Hi all

I will be thankful if someone can guide me. I am looking to bid and buy a freehold house in auction on 27 March 2014 on cash. Before that I am looking to get a survey done of the house.

I am looking to spend as little as possible on survey. I am looking for the survey equivalent to the survey done by lenders at the time of Mortgage application. Since I am a cash buyer, the only reason I want to get survey done is to make sure that If I sell the house after 5-10 years it should be mortgageable for prospective buyers. As I saw in past that properties which are not mortgageable are sometimes sold in auction. So I need to get the survey done to make sure property is fit for mortgage. I have a legal pack which I am going to consult with my solicitors. Is there anything else I should be worried about?

What type of survey should I request? And how much would it cost? Which company is the best?

I wait for your kind replies.

Regards

cattie

You just need a valuation if you want to know the price. Houses that go to auction are rarely mortgageable. Reasons for this could be serious structural issues, lack of a working kitchen or bathroom or of non standard construction, short leases, etc. etc.

Nobody can guarantee a house sold by auction will be saleable or mortagageable in say 5 or 10yrs time as anything could happen in between purchase & potential sale date to affect structure.

If you want in depth knowledge of the property, then you need to commission a structural survey. It would be silly to try to be thrifty when buying such a property for cash via auction without really knowing what you are buying.

Jenniefour

Spend as little as possible on survey for auction property? Madness and false economy. Full structural survey every time. The property may not be mortgageable. I imagine this is something that is important for you to know now, so you know what works would need to be done to get it to standard where a mortgage would be a possibility.

mrginge

olx1s wrote: »

I am looking to spend as little as possible on survey.

:eek::eek::eek::eek::eek:

jackomdj

Talking from experience. What is mortgageable today may not be in a few years as rules and regulations change.

I bought a house with a mortgage. When I came to sell it the mortgage companies had made it compulsory to have a mundic test on properties of a certain age in the area we lived. Our house failed the test miserably, and as such was unmortgageable.

stebiz

As somebody whose bought me houses than he cares to remember at Auction get a decent builder to look at it for you and give you an idea of price etc.

G_M

To answer your question, ring several local RICS surveyors and get quotes for a Valuation.

But I echo the warnings of others. Make sure you are confident in the condition, and Title, of the property.

If you trust yourself, fine - DIY.

If not, pay for a survey, and a solicitor.

MrRee_2

Surveys are full of useless statements covering the surveyors rear end ..... a good builder, your own research and some homework by your solicitor should be your guide.

If it's not mortgageable you will get it cheap and then sell cheap in a few years time to another cash buyer. Simple really.

Don't expect to buy very cheap and sell at a huge profit ..... just doesn't happen - because everyone wants to do that!