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is this the norm when buying???

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mirand
mirand Posts: 66 Forumite
Part of the Furniture 10 Posts Photogenic Combo Breaker
edited 11 June 2016 at 4:34PM in House buying, renting & selling
am selling my property and had an offer which i accepted, the buyer had the property surveyed twice (as they changed lenders ) in the last three weeks and both were OK.

The buyer now asked to conduct a "detailed Survey" or structural survey ... I don't remember the term exactly but something in those lines..... so they are 100% happy....

what does such survey involve?? i never done it when buying properties in the past, as I rely on the bank's survey.

Why would a buyer, despite two banks acknowledging that the property is ok and mortgage was offered, they would ask for such survey....

have you ever come across this before??

Also, can i ask for a copy of this survey, if so who do i ask the Estate agent or the firm the surveyor is coming from??

thanks. :j
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Comments

  • Lungboy
    Lungboy Posts: 1,953 Forumite
    Part of the Furniture 1,000 Posts
    Presumably they are risk averse people and wanted a full survey when they saw how little is covered by the valuation report. Doesn't seem unusual to me.
  • Kynthia
    Kynthia Posts: 5,692 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Many people only pay for the mortgage lender to do a valuation and then pay someone local or who they've researched and think are good to do the homebuyers or structural survey. A valuation doesn't actually look at the property in any depth or cover tge buyer for anything important missed, as it's not really a survey. I didn't want some unknown cheap company from way out of town to do my survey when I could have someone who was highly qualified and knew the area and types of houses in it very well to do it instead.
    Don't listen to me, I'm no expert!
  • NicNicP
    NicNicP Posts: 249 Forumite
    Seventh Anniversary Combo Breaker
    We paid extra for the detailed survey. The bank survey is only to say the property is valued higher than the mortgage amount so they can recover their losses if the mortgage isn't paid. The detailed survey picks out any potential problems for the buyer. When you're spending hundreds of thousands of pounds it seems sensible to me to make sure there are no major problems that could be picked up by a surveyor.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Very common.

    Just like buying a 2nd hand car - many people get a mechanic (eg the AA) to check over the car in detail.

    A full survey usually takes an hour or two depending on type of property, and covers everything, internal and external, from the roof ridge down to the foundations and drains.

    However unless you give consent, the surveyor won't cause damage, so won't lift floorboards unless they are loose, or lift fitted carpets, or move furniture, or remove plaster to examine inside walls etc.

    As surveyors are not electricians, or gas engineers, some buyers will also arrange for those specialists to inspect separately.
  • kinger101
    kinger101 Posts: 6,572 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The bank's survey is very basic, and won't provide as much detail as a full building survey. This is entirely normal.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    Dont panic!

    Take this as a real positive, it shows the buyers are serious about your house!
  • alchemist.1
    alchemist.1 Posts: 860 Forumite
    Yes it is the norm.
  • kingstreet
    kingstreet Posts: 39,249 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The words BANK or LENDER and SURVEY should forever be kept separate.

    A lender (bank or building society) may employ a chartered surveyor of its choice to carry out a mortgage report & valuation for its benefit to establish if the agreed purchase price is reasonable and if the property is suitable security for the mortgage.

    It is entirely up to the purchaser if they decide to rely on this, despite it not being done for them and them having no comeback on the surveyor whatsoever. If they don't, they may wish to instruct a chartered surveyor of their choice to carry out a more detailed inspection and report.

    This is entirely normal.
    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.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    see also

    https://www.localbuildingsurveyor.co.uk/which-home-survey-do-i-need.html

    though each of these is more detailed than the lender's Valuation.
  • student100
    student100 Posts: 1,059 Forumite
    1,000 Posts Combo Breaker
    You can ask for a copy of the survey, via your agent, but the buyer does not have to give you or the agent a copy as the buyer is the one paying for it.

    If the survey shows problems with the property and they want to negotiate a discount on the basis of this the agent would normally ask to see the survey report (or at least the relevant sections).
    student100 hasn't been a student since 2007...
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