Valuation & surveys

Missnikon

Hello all, FTB here.

I've had an offer accepted & mortgage approved subject to valuation.

I've been advised by my broker that the valuation will be this week.

now my broker said that to get Halifax to do the survey aswell would be much costlier than getting it done elsewhere. She said that should Halifax identify any issues for the valuation we can get a surveyor to look into those.

We've always intended on getting a survey but I thought it would be done with the valuation.

Is this common practice?

Thrugelmir

There's differing levels. Which you should choose depends in the main on the age and condition of the property. Valuers will not check check condition of electrics, boilers etc.

Level 1 Valuation report

This is the most basic property valuation and the least expensive type of report. It enables us to decide whether we want to lend you the money to buy the property. It gives you limited information about the property. So if you choose this type of valuation, bear in mind that the report may not mention defects that may have affected your decision to buy.

Level 2 Survey and valuation

This is a survey for you and a basic valuation for us. The survey gives you guidance on the essential things you may need to know about the property, such as defects and problems that are serious or that may significantly affect the value.

The survey is arranged as a contract between you and the valuation surveyor. As part of the contract, the valuation surveyor will send you the terms of their work agreement with you, for you to read and sign before the inspection. You'll get a copy of the report, we don't. We receive a copy of the valuation and any significant observations that may affect our decision to lend you the money to buy the property.

Level 3 Building survey

This is the most comprehensive type of survey, and the most costly. Again, the survey is arranged as a contract between you and the surveyor. You'll receive the terms of its agreement with you so that you can read and sign them before the inspection.

A building survey is a detailed report that can be tailored to fit your needs. The surveyor will discuss what kind of report you want beforehand.

Building surveys don't provide a valuation of the property, so you'll also need a level 1 valuation report.

Champagnelifestyle

Hi - we are also waiting for a mortgage offer from Halifax subject to valuation.
We have paid for a Homebuyers survey to be done alongside the valuation and both from Halifax so the two would be done together and thus cause less delays.

In fact ours are being done today.

Missnikon

Champagnelifestyle wrote: »

Hi - we are also waiting for a mortgage offer from Halifax subject to valuation.
We have paid for a Homebuyers survey to be done alongside the valuation and both from Halifax so the two would be done together and thus cause less delays.

In fact ours are being done today.

Yeah I thought that would be better but our broker advises us that it's best not to do it together.
It's bizarre really but anyway we've paid for them together.

Thank you

csgohan4

The reason some people suggest not to do the Building/ Homebuyers survey and valuation with the lender's company is if anything adverse is found, they could put a retention on the mortgage.


Therefore you will need to get these items fixed before they release the whole mortgage.


It could be something simple which you can do after completion. Either way anything serious should be picked up by a competent surveyor depending on the type of survey you want of course.

Sandyf88

Hi
Im new to this site forum so please forgive me if Im not doing this in the correct place
Just picking up on what you were saying about the mortgage retention .. my bank have put a 2k retention for us to get the roof checked out .. we were under the impression that since the vendor has agreed to drop the price by 2k which means it is now valued at the same price on the valuation report .. that that would be it .. but no .. my bank says they will still hold the 2k retention till a report is done .. so we said well if we pay the 2k retention can we then complete and get the roof sorted after weve moved in .. so we dont delay completion which is next Thurs .. again no .. they must have a report prior to completion.. does this make sense ?

csgohan4

Sandyf88 wrote: »

Hi
Im new to this site forum so please forgive me if Im not doing this in the correct place
Just picking up on what you were saying about the mortgage retention .. my bank have put a 2k retention for us to get the roof checked out .. we were under the impression that since the vendor has agreed to drop the price by 2k which means it is now valued at the same price on the valuation report .. that that would be it .. but no .. my bank says they will still hold the 2k retention till a report is done .. so we said well if we pay the 2k retention can we then complete and get the roof sorted after weve moved in .. so we dont delay completion which is next Thurs .. again no .. they must have a report prior to completion.. does this make sense ?

Please create a separate thread for your problem

Sandyf88

Not sure how to do that been trying but cant see how ?

stator

The answer to your question I think is simple. The bank will want a proper quote from a qualified tradesmen to fix the problem they have identified. Check with the bank if the quote has to be from someone who is a member of a certain scheme or qualification. Sometimes you have to pay for these quotes , eg £50-£100 if it's a company that deals with a lot of speculative mortgage enquiries that don't lead to any work.