Nationwide Homebuyers report, whats included??

topcat007

Hi

Does anyone know what is included in Nationwides Home Buyer report?

Do they go in the attic to look at timbers and for subsidence etc?

Is very sketchy as to what was included.

This is on a 100 year semi so not sure if it needs a structural or if this will be suffice

bris

No not really, a home buyers report is pretty basic and is there for a valuation only. The surveyor will look for obvious signs of damage but the will not investigate or move furniture etc to do so.


You will need to instruct your own report at what level you require, up to a full structural survey, at 100 years old it would be worth the expense.

topcat007

bris wrote: »

No not really, a home buyers report is pretty basic and is there for a valuation only. The surveyor will look for obvious signs of damage but the will not investigate or move furniture etc to do so.


You will need to instruct your own report at what level you require, up to a full structural survey, at 100 years old it would be worth the expense.

Thanks for getting back to me!

Would i first get the building society to do the basic valuation one for their needs and then if all is okay there send in the full survey chaps?

G_M

bris wrote: »

No not really, a home buyers report is pretty basic and is there for a valuation only. The surveyor will look for obvious signs of damage but the will not investigate or move furniture etc to do so.


You will need to instruct your own report at what level you require, up to a full structural survey, at 100 years old it would be worth the expense.

Not true.

OP is not asking about the Nationwide Valuation report.

He is asking about a 'Homebuyers Report'.

Tim_Kenny

For something of that age I would strongly recommend a full Building Survey and approch a local surveyor first.

They way I differentiat the reports is:

1) Valaution - Tells the bank the building is there and their money is safe. This is not done for the beneift of the buyer.
2) Homebuyers/Home Condition Survey - Good summary of the condition of the property and gives you the good, the bad and the ugly.
3) Building Survey - Same level of inspection as the Homebuyers/Home Condition but also tells you what you can do about the problems found, what potential problems there might be which could not be seen and also what you need to do to stop problems happening in future.

martin1959

For information...


A Mortgage Valuation (sometimes known as a Scheme 1) is done for the mortgage provider to check what the property is worth.


If the surveyor notices anything major, then he will point it out to the mortgage company, and it would normally be detailed on the report. However, there is NO comeback by the purchaser who has paid for the valuation, if the surveyor misses, or does not note it.


A Homebuyers report (sometimes known as a Scheme 2) produces a valuation for the lender AND a condition report for the purchaser. This does have comeback if something is not spotted, provided IT WOULD HAVE BEEN REASONABLE to have seen it during the inspection. For example, if you move in and there is rotten floorboards, and the previous owner refused permission for the surveyor to lift all the fitted carpets (which they would not do anyway), there would likely be a proviso in the report that the floorboards could not be inspected.


A full Structural survey (sometimes known as a Scheme 3) is normally only recommended where the property is particularly old, or of concern, unusual construction, or there are issues that the purchaser has spotted such as cracks etc. Normally the lender does not collect a fee for this, but arranges for a surveyor to negotiate the cost of the survey with the purchaser, but this will also include a mortgage valuation for the lender. The purchaser can normally arrange to use any surveyor to carry out the Scheme 3, as long as they are on the Lenders panel of approved valuers.


Please do not confuse Survey with Valuation.


Hope this may be of some use.

Pookie85

I just got a Home Buyer's report from them (well, the surveryors who they appointed) and it's the reason I have joined the forum.

They did go into the attic and look at the timber and to check that the chimney stack was correctly supported as the brest had been removed. They should look for signs of subsistance, but I don't think they're in a position to "diagnose". Did the searches show that the land was considered potentially unstable?

martin1959

Pookie85 wrote: »

They should look for signs of subsistance, but I don't think they're in a position to "diagnose".

I assume you mean subsidence....lol

topcat007

Pookie85 wrote: »

I just got a Home Buyer's report from them (well, the surveryors who they appointed) and it's the reason I have joined the forum.

They did go into the attic and look at the timber and to check that the chimney stack was correctly supported as the brest had been removed. They should look for signs of subsistance, but I don't think they're in a position to "diagnose". Did the searches show that the land was considered potentially unstable?

Thanks very much for providing great info!

Did they check for woodworm does it say?

daveyjp

Homebuyers report is standard whoever does it. It all comes down to teh surveyor, not the company.

RICS site has more info.

Homebuyers is akin to going to your GP. They will highlight what the issues may be, but will advise relevant specialists to investigate further.

topcat007

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