Lenderors valuer and seperate survey question

topcat007

Hi

Would the normal be to get the lenders valuer to go in first wait for the report and then send in the full structural guy which is separate/private from the lenders ?

is this what people do with private full structural surveys?

Applgoies for that terrible spelling in the title

bris

The lenders valuation is only to determine if the property offers suitable security for the funds the bank are paying.


This would be the first stage, if the valuation comes back ok and the bank are willing to lend then you send in your own surveyor to make sure the property is of sound construction.


There is no point sending in an expensive surveyor if you are going to fall at the first hurdle.

stator

Yes that is the normal way of doing it. Mortgage Valuation first, then your own surveys.
Unless you just want a Home Buyer's Report, and then you can pay the bank a bit extra to do one instead of the Mortgage Valuation. But the bank will see all the bad things on the Home Buyer's Report too and it might cause more problems. If you had your own Home Buyer's report done after the Mortgage Valuation then it would be for your eyes only and not cause problems.

itGuyUK80

I have a friend who is estate agent (did not purchase for her Estate Agency) and she did advise me that valuation survey is the only one that counts, building or homebuyers report is for the buyer to know what they are getting into.

Personally, I am glad that I had the full building survey report done. The report highlighted issues that were not picked up on the valuation report completed by the banks surveyors.

The issues raised in full building survey report could have made my building insurance void, due to the issues been pre-existing that would have more than likely lead to a claim. Best £600 I have spent to know this as I'm not a builder..

I have now pulled out of the property that I was intending to purchase, not because of the issues, but because the vendors willingness to get them resolved as they were dragging their feet with it; however do suspect Connells were not helping the progress.

I'm now going through whole process again with another property now and once again I am having full building survey done to make sure I am clear on what I am actually buying.

topcat007

itGuyUK80 wrote: »

I have a friend who is estate agent (did not purchase for her Estate Agency) and she did advise me that valuation survey is the only one that counts, building or homebuyers report is for the buyer to know what they are getting into.

Personally, I am glad that I had the full building survey report done. The report highlighted issues that were not picked up on the valuation report completed by the banks surveyors.

The issues raised in full building survey report could have made my building insurance void, due to the issues been pre-existing that would have more than likely lead to a claim. Best £600 I have spent to know this as I'm not a builder..

I have now pulled out of the property that I was intending to purchase, not because of the issues, but because the vendors willingness to get them resolved as they were dragging their feet with it; however do suspect Connells were not helping the progress.

I'm now going through whole process again with another property now and once again I am having full building survey done to make sure I am clear on what I am actually buying.

Sounds as though that really was money well spent! What were the problems the survey reviled out of interest ?

Was your full structural £600 and then you had to pay your bank for the level 1 to ? Just wondering if my full structural survey at £560 is in the right price range

silvercar

If you have a low LTV it is worth doing the full structural survey first. Once you are satisfied you want to go ahead you can then pay the mortgage application fee and the valuation. If you are borrowing less than half the purchase price and you are satisfied with the full structural survey results you should know that the valuation will come in near the agreed price.

itGuyUK80

topcat007 wrote: »

Sounds as though that really was money well spent! What were the problems the survey reviled out of interest ?

Was your full structural £600 and then you had to pay your bank for the level 1 to ? Just wondering if my full structural survey at £560 is in the right price range

Part of the mortgage deal via my broker had free valuation survey from Santander; so that was no cost to me; including new property I am buying is once again free from Santander with the good benefit of keeping the same rate initially offered that is no longer available.

Yes, it was a full structural building survey for £600 which was middle of the road price, but I mainly choose the surveyor based on example reports from his website, which were different from general market as I felt it offered more detail.

There were over 30 issues highlighted in the report, but 2 issues plus a query were determined just under critical and could stop be getting building insurance.

2 issues where

1. Both Chimney Stacks where leaning quite considerably
2. Movement in the side wall; possible due to leaky drains with the potential it was the neighbours drains causing the issue.

Query was about if there were asbestos in the roof, not an issue if the roof is in good condition, but there were repairs & maintenance that needed to take place; which I did not ask the vendor to fix as I was prepared to take them on.

The vendor had the asbestos survey completed, but were dragging their feet with the 2 issues..

It passed the 3rd month and solicitors were not involved. A property I visited before I made an offer on the property came back on the market and decided to buy that instead.

Jhoney_2

@itGuyUK80

Got a link to the Surveyor website per chance? The one i've used over the years has now retired. Just to add to my research. Thanks

itGuyUK80

Jhoney wrote: »

@itGuyUK80

Got a link to the Surveyor website per chance? The one i've used over the years has now retired. Just to add to my research. Thanks

Surveyor Website

topcat007

itGuyUK80 wrote: »

Surveyor Website

wow! These are very impressive sample surveys i have never seen on go in so much depth and including pictures!

Just emailed to see if they will come out as far as i am

itGuyUK80

topcat007 wrote: »

wow! These are very impressive sample surveys i have never seen on go in so much depth and including pictures!

Just emailed to see if they will come out as far as i am

Worth a try...