Valuation or Survey???

Liliyanna

Hi there,

We're in the process of buying a house ( :j :j :j ) and I'm a little confused!

Our mortgage lender has organised a valuation and all is progressing nicely but I'm a little confused about the need for a survey.

Neither our mortgage broker nor our solicitor have mentioned getting a survey. Is this something we decide on once we know the outcome of the valuation or has no one mentioned it thinking it's the most obvious thing in the world and we would already have done it???


Any advice really appreciated

Lilly x x

Daerve

A valuation simply gives the lender an idea of the house's value and isn't a survey. Some lenders allow you to upgrade the valuation to a home buyers report, which is a very limited survey.

You are of course free to commission your own survey (structural, damp, etc) or home buyers report but this will cost anything between £400 and a grand. However it's yours then and the lender doesn't get to see any nasties you may not want to disclose.

alchemist.1

The need for a survey depends on whether you care about the structure or major problems with the property before buying it. I would have thought anyone spending thousands of pounds on probably the biggest purchase of their life to date, would have a survey undertaken for peace of mind.

The valuation is undertaken on the lenders behalf to make sure the value of the house is sufficient security for the mortgage provided. It is not a survey for your purposes.

PS why would you think a mortgage broker or a solicitor would advise you on whether to get a survey? It's a personal decision. Mortgage brokers remit is to get you a mortgage. Solicitors advice is based on your instructions on whether you want a survey or not.

csgohan4

Get a full building survey and plumber survey. I didn't do the latter and have large repair costs. It is the biggest purchase of your life, not worth skimping and losing thousands

amnblog

The smart move is often to get the valuation done for lending purposes first.


Then, once you have confirmed that the lender is happy with the property and the purchase is progressing you can invest in a Homebuyer Report (adequate for most purposes) of a Full Building Survey (for large, complex, or listed properties).

Liliyanna

Thank you for your advice, Amnblog that was exactly the answer I needed.

alchemist.1 I find you very patronising and insulting so without going down the tit-for-tat route I would ask that you refrain from commenting on any of my future posts, I'm sure we'll both be happier that way.


Lilly x x