Surveys through your lender or instruct private surveyor?

ajp1309

We are in the process of purchasing our first house.

Currently waiting on IFA sorting our mortgage. There is quite a few cracks on the property its a 1930 ish build so want to get a building survey.

I have been quoted between 570-900 privately but belive we can upgrade our valuation survey with our mortgage provider (yet to find out how much this is)

Can anyone advise if it is better to go through our lender or instruct a private surveyor?

Any info really appreciated

marksoton

If you go through the lender the danger is they spot something in the report they don't like and will refuse funds.

Do it privately and they won't be party to the information.

kinger101

It's swings and roundabouts;

The lender's surveyor might work out cheaper, and it will possibly save some time. It will provide the bank's underwriter with more information which might mean they'll refuse the mortgage, place a retention on it, or downvalue.

It being downvalued by the lender might give you more room for renegotiation with the vendor, as they might think you're unable to proceed unless they reduce their price.

Personally, I instructed my own surveyor, as I didn't want the bank putting a spanner in the works. It's definitely worth asking around for recommendations. The quality of the surveys varies somewhat.

Thrugelmir

marksoton wrote: »

If you go through the lender the danger is they spot something in the report they don't like and will refuse funds.

Do it privately and they won't be party to the information.

Why play games? There's no benefit to any party.

kinger101

Thrugelmir wrote: »

Why play games? There's no benefit to any party.

It's not playing games. If you're very close to the LTV threshold on the advance, a £5K or £10K undervaluation can push you onto a more expensive product. If the seller won't drop their price, you're left with a more expensive mortgage or having to walk away.

ajp1309

Thanks everyone will have a look in to local surveyors.

Dan-Dan

dont forget if you ask the lender to upgrade the valuation i think it can take longer to get your offer through as the valuation only jobs get done quicker according to various brokers on here

dc197

If the basic lender valuation gives one price, and your private survey reveals problems but doesn't give a valuation or cost of repairs, it may be hard to negotiate on price. The seller might say, well your survey agress the price, I'm not budging. Consider ensuring your private survey, if that is what you choose, includes a valuation, to power any negotiations.