Bank survey off plan

Martin8870

Any Buyers of new builds??

Just crossed my mind. When the lender sends out a serveyor how do they survey a house that is not yet build (off plan) completion due 21st March?

And also what are the chances that the surveyor will value the house less than what its for sale for? Thus not getting the offer we are hoping for?

I would imagine this would be more common on older properties that need work doing to them.

Thanks in advance

davidmcn

Martin8870 wrote: »

When the lender sends out a serveyor how do they survey a house that is not yet build (off plan) completion due 21st March?

By looking at the plans/specification and location.

And also what are the chances that the surveyor will value the house less than what its for sale for? I would imagine this would be more common on older properties that need work doing to them.

It's very common for newbuild properties (as you'll find by searching previous threads here) - builders tend to be ambitious with their pricing.

Martin8870

Thank very much, and I doubt the build would drop any prices as I’ve sign the reservation form?

Dolly123

We go off plans, drawings and other compatible house types sold within 6 months

Martin8870

Thank you, I hope everything goes through ok then.