When to get a homebuyers report

jjstewart457

Hi we are FTB who have had an offer accepted on a house. Our mortgage brokers are sorting out the mortgage (which is taking slightly longer than usual because of a few paperwork issues but should be sorted early next week) and our solicitors are in touch with the vendor's solicitors and doing the conveyancing and sending us contracts.

We want to get a homebuyers report and have been advised by the broker to do that independently rather than through the lender. The question is when should we arrange to get it done. We are worried that we should have already done it but we didn't want to spend £350 on a report if something goes wrong with our mortgage. Can someone explain at what stage we should arrange the homebuyers report as all the articles online just state its importance but not a specific timeline.

Thanks

joeistheone

I can't think why you would be advised to do it independently?

jjstewart457

He explained that it would work out much cheaper to carry one out independently rather than through the lender. He only explained this once he figured out which lender was cheapest so I presumed he knew that they were expensive or something.

I am just trying to understand at which stage we should get it carried out.

G_M

* sometimes it's cheaper to add it on to the Valuation report the lender does - one surveyor doing 2 reports on one visit. Only way to tell is to compare prices. Have you done that?

* sometimes there is an advantage in an independant report. If it shows up something the Valuation report (which is much briefer) misses, it might impact on your mortgage. By going independant, only you will see it.

* when to do it depends on your priority

If priority is speed, then instruct the survey, instruct the solicitor, apply for the mortgage, start the searches etc - do it all at once

If keeping costs down in case things fall through is the priority, then decide which is the highest risk activity and do that first. eg if you fear the legal searches might turn up a problem, do that first. If you think the survey might discover a problem, do that first. If you think your mortgage might be rejected, do that first.

Kynthia

Unless the need for speed means it is worth risking paying for the survey before your mortgage offer is in, wait until it's in. However you can find someone and be ready to book them.

stator

It depends on whether time or money is more important to you.
If you want to save time get it done ASAP.
If you want to be careful wait until you have the mortgage offer in your hands.

As G_M has said above it's more expensive to get it done independently but you have the advantage that it's just for your eyes only.

kinger101

joeistheone wrote: »

I can't think why you would be advised to do it independently?

(a) because it's usually not any more expensive. The bank's surveyor doesn't have to give you a competitive quote.
(b) because sometimes you don't want the bank seeing the contents of the homebuyer report. It can open up cans of worms.

kinger101

Is there a completed chain? If not, then there is not any particular rush. Delay your HB report until the valuation is done (or until the chain is complete).

It's best to avoid spending any money until a chain is complete. If you do have a complete chain, find out when the bank will do the survey. If it's a week, then it's quite easy to stall until then. If it's a month, less so.