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Mortgage Valuation and private survey?

Bonfire_Bride
Bonfire_Bride Posts: 713 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in House buying, renting & selling
I understand the mortgage company will want to conduct a valuation to check property is not a risk to lend against and know that this is for their benefit and not ours.

But....will I also need my own survey conducted on the house? It was built in April 2015 by Taylor Wimpey and I'm going to be emailing the EA on Tuesday to see whether it comes with any certs.

I'm not trying to wriggle out of paying for a survey as if it's beneficial then of course I'll do it, but just wondering whether it would be money down the drain due to the age of the property.

Thanks! :)

Comments

  • phill99
    phill99 Posts: 9,092 Forumite
    Part of the Furniture 1,000 Posts
    It will still be under the builders defects liability period until April 2017. It will also have the NHBC Warranty for 10 years from April 2015.

    Personally I wouldn't be rushing for a survey.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    One would assume the relevant certificates will be available. Your solicitor will check this and get copies.

    Mortgage company will do a valuation, which isn't the same as a survey.

    I'm not big on surveys and I usually don't bother.
  • phoebe1989seb
    phoebe1989seb Posts: 4,452 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    We've not had surveys on our last three houses - minimum 160 years old - and I'm not a fan of them personally. I definitely wouldn't have one on a house built in 2015. As long as the relevant certificates are available I'd not bother if I were you ;)
    Mortgage-free for fourteen years!

    Over £40,000 mis-sold PPI reclaimed
  • eddddy
    eddddy Posts: 18,549 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    phill99 wrote: »
    It will still be under the builders defects liability period until April 2017. It will also have the NHBC Warranty for 10 years from April 2015.

    Personally, I'm not sure how much comfort I would get from having an NHBC warranty...

    http://lmgtfy.com/?q=nhbc+warranty+reviews
    https://uk.trustpilot.com/review/www.taylorwimpey.co.uk

    I guess you could say a survey is similar to an insurance policy...

    If the survey finds no problems, it feels like a waste of money. If the survey finds big problems, and prompts you to walk away from a nightmare, it feels like great value for money.
  • Bonfire_Bride
    Bonfire_Bride Posts: 713 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Ah that's great then. Guess we will hold off on the survey for now. Brother inlaw is a very reputable builder, so we will ask him to have a look around just to see whether there are ANY niggles.


    Thanks. :)
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