Is it worth getting an independant surveyor

MorticiaDuvall

Hi, I need help and advice. I have a learning difficulty but an high functioning.

I'm a FTB in the early stages of buying my first flat.

It is the top corner of a 2 floor block with 6 flats in this block. It is based in south east London. Currently it is vacant as it was privately rented out before. I estimate this building was built in 80s but that's a wild guess, it has a back boiler (behind fireplace) which makes me think of 80s.

I am putting just under 50% cash deposit which is my entire life savings.

I am the first in my family to buy so don't have any guidance or anyone reliable for advice. I come from a long line of council housing.

The bank will be conducting a valuation and homebuyers survey.

Would it be wise to also get my own private surveyor for a building survey? I'm worried of costs and also not being able to understand the result of report.

Due to the way my brain is wired, I can't really understand complex things unless it's explained to me as though I'm a child. This has caused me problems before in other aspects of life.

Guest101

MorticiaDuvall wrote: »

Hi, I need help and advice. I have a learning difficulty but an high functioning.

I'm a FTB in the early stages of buying my first flat.

It is the top corner of a 2 floor block with 6 flats in this block. It is based in south east London. Currently it is vacant as it was privately rented out before. I estimate this building was built in 80s but that's a wild guess, it has a back boiler (behind fireplace) which makes me think of 80s.

I am putting just under 50% cash deposit which is my entire life savings.

I am the first in my family to buy so don't have any guidance or anyone reliable for advice. I come from a long line of council housing.

The bank will be conducting a valuation and homebuyers survey.

Would it be wise to also get my own private surveyor for a building survey? I'm worried of costs and also not being able to understand the result of report.

Due to the way my brain is wired, I can't really understand complex things unless it's explained to me as though I'm a child. This has caused me problems before in other aspects of life.

I would. Just to cover myself.

The reports are fairly easy to understand, the surveyor writes this in a list regarding what needs doing and what should be done

MorticiaDuvall

Thank you so much Guest101. I feel assured.

Now, any tips on how to look for one and what I should look out for to make sure they are....I don't know what the right word is, any good?

I was informed my a friend (who doesn't own a home) that she thinks banks valuation and home buyer survey is only to cover themselves.

Guest101

MorticiaDuvall wrote: »

Thank you so much Guest101. I feel assured.

Now, any tips on how to look for one and what I should look out for to make sure they are....I don't know what the right word is, any good?

I was informed my a friend (who doesn't own a home) that she thinks banks valuation and home buyer survey is only to cover themselves.

Just make sure they're RICS (Registered Intitute of Charted Surveyors) registered.

nubbins

Try something like the link below.

You will need at least a basic valuation completed by the lender which will be anywhere from £150 - £500 depending on the purchase price. Its then up to you to get your own survey done privately if you want (I would recommend), that way any issues that come up do not involve the lender and cause hassle and delays.


https://www.reallymoving.com/quote-forms/surveyors.aspx

TBagpuss

Are you using a proper solicitor (not a big online conveyancer?) If so, your solicitor may be able to suggest local surveyors.

When you speak to the surveyor, ask specifically about their experience with this type of properties.

When you get the report,you can phone the surveyor and ask them to clarify anything you don't understand.

Be aware that surveyors are 'professional pessimists' so you will get some stuff on the survey report which is warning you of possible issues, don't assume that everything is a serious problem. The surveyor will always recommend that you get the electrics and gas checked separately as this is not something which they are qualified to do.

MorticiaDuvall

Thanks nubbins,
If I get my own private sureveyor to do a building survey, I wouldn't need the lenders homebuy survey too?

as far as I'm aware, from the bank I will be paying for valuation and home buy survey. I've not paid for this yet as i'm still in early stages.

If I get my own private surveyor to do a building survey (which I understand it to be more detailed and thorough than homebuy surbey), I don't want to pay for a home buy survey too if it is not necessary.

teneighty

You state that the bank is conducting a valuation and Homebuyers Survey. Assuming that you are paying extra for the Homebuyers Survey I cannot see the point of commisioning a second independent survey.

However, I always advise against using the lendors own surveys where possible as they tend to be carried out by large national chains. They concentrate on volume of business to cut costs so their people are running around trying to complete ridiculous numbers of surveys everyday so ineviably are pushed how much time they can spend on site and tend to use generic tick box style survey software so mistakes can be made and specific defects missed.

I would always suggest using a local independent Chartered Surveyor or small local firm, so if you can cancel the Bank's Homebuyers Survey then it would be worth instructing an independent survey. I would go further and add if the property is older or has known issues I would suggest a Chartered Building Surveyor.

The other point to remember is that surveys on flats can be limited by lack of access to parts of the building such as the roof and loft space etc. You may incur large expenses for repairs to the roof etc. through your service charge so it is always worth having things like that included in the survey. The benefit of using a small local firm is they usually provide a more personal tailored service so you can speak to them about specific areas of concern and provided access is arranged in advance will probably be happy to do a more thorough inspection. You will probably have to pay a bit more but to be honest most of the generic Homebuyers Reports undertaken by the big national chains really aren't worth the paper they are written on.