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Use lenders surveyor for Homebuyer's survey?
Lifes_Grand_Plan
Posts: 1,114 Forumite
Hi folks,
Currently purchasing a property with a mortgage from HSBC which includes a free valuation survey.
In addition they also offer upgrades to a Homebuyer report (£258) or a building survey and valuation £534.
I intend having a Homebuyers done anyway and £258 seems a good price. Is there any reason not to use the surveyor HSBC are already using for the valuation?
Currently purchasing a property with a mortgage from HSBC which includes a free valuation survey.
In addition they also offer upgrades to a Homebuyer report (£258) or a building survey and valuation £534.
I intend having a Homebuyers done anyway and £258 seems a good price. Is there any reason not to use the surveyor HSBC are already using for the valuation?
A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
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Comments
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It can be cheaper to use theirs, as it's all done in a single visit - but still worth shopping around. Ring a couple of local RICS surveyors.
Possible downside is if the Homebuyers turns up something ominous. You might be willing to take it on/proceed, but the lender might want to reduce the mortgage or withold part.
If the lender's surveyor does the Homebuyers, the lender will get visibility....0 -
Personally I always go with the lenders basic valuation and then get my own private survey. Surveys often look worse than they are and they can open up a can of worms with the lenders causing all sorts of hell.0
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Cheapest standalone quote from a quick comparison is £450... think i'll take the small risk with HSBC for the £200 saving.
CheersA big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.0 -
Mine cost £290 and £320 and I deliberately didn't use the lender's choice for the reasons others have posted.0
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As the corporates used by lenders have fewer surveyors qualified to carry our more in-depth inspections, having the lender's surveyor do your report as well can extend the time it takes to get an inspection booked and done.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »As the corporates used by lenders have fewer surveyors qualified to carry our more in-depth inspections, having the lender's surveyor do your report as well can extend the time it takes to get an inspection booked and done.
Just to update on this for anyone in a similar situation in future....
I accepted the HSBC Homebuyer survey option on Monday night and less than 24 hours later they called me to say they had booked the survey in with the vendor for Wednesday next week. So just over a week from selecting it to the scheduled completion date. Not sure if Wednesday was chosen as the first possible date by the vendor or the surveyors but i'm pretty happy with that timescale.A big believer in karma, you get what you give :A
If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.0 -
Another thumbs up here for the HSBC Homebuyer Report and valuation speed, we submitted our application on Friday, their surveyor rang on Monday to take payment, they surveyed + homebuyer report-ed yesterday, and I received my mortgage offer in the post today, couldn't have asked for anything fast personally!0
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