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Valuation or Home Buyer report
retireetobe
Posts: 34 Forumite
Hello
One of my children is buying his first home and I am gifting the 10% deposit. He's had an offer accepted of £105,000 on a lovely terraced house and his mortgage application is in (via a broker).
Is it acceptable to simply use the valuation, which is provided free by the lender? Or is it common to pay for a Home Buyer Report? It's a standard middle-terrace, built approx. 1900, and has been well-maintained by the current owner with no sign of any problem. We live locally and are confident there's nothing untoward about the terrace. We don't want to spend money unnecessarily, but if it's the 'done thing' then we will pay for the Home Buyer Report between us.
The broker said he couldn't give us guidance on this and I haven't bought a property for 40 years, so I'm hoping someone on here may be able to advise? Thank you in advance if so.
One of my children is buying his first home and I am gifting the 10% deposit. He's had an offer accepted of £105,000 on a lovely terraced house and his mortgage application is in (via a broker).
Is it acceptable to simply use the valuation, which is provided free by the lender? Or is it common to pay for a Home Buyer Report? It's a standard middle-terrace, built approx. 1900, and has been well-maintained by the current owner with no sign of any problem. We live locally and are confident there's nothing untoward about the terrace. We don't want to spend money unnecessarily, but if it's the 'done thing' then we will pay for the Home Buyer Report between us.
The broker said he couldn't give us guidance on this and I haven't bought a property for 40 years, so I'm hoping someone on here may be able to advise? Thank you in advance if so.
0
Comments
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A valuation and an HBR are different things.
Valuation - "Yep, it definitely exists, and it's decent security for your £x lending"
HBR - "I had a once-round and a good poke, and these are the problems I saw. BTW, I reckon it's worth £Y"
As for whether it's "acceptable" or "the done thing"... it's simple a case of whether your son feels he needs the extra information on his purchase.0 -
When buying a 2nd hand car, is it 'the done thing' to get an AA inspecion done?
* are you/your child able/capable of assessing a property's condition and spotting any issues?
* are you/they risk-takers or cautious by nature?
* how old is the prroperty?
* what general condition?
* if recently renovated, has it got all the required Building Regulations certificates?
* have you looked for (or had a builder-friend look for) signs of damp, subsidence etc?0 -
For the money, if you’re considering a Home Buyers, I’d go for a full
survey (about £250-350 more) as there’s more detail there.
The homebuyers is your classic tries to please everyone pleases no one scenario. GM’s post details why you might be happy with the basic valuation. If you’re very risk averse and want as much information as possible, go full survey, in my view.0 -
I keep posting this, but some people seem to find it helpful. RICS download available here on the types of survey available and which may be appropriate:
https://www.ricsfirms.com/residential/moving-home/surveys/rics-consumer-guide-home-surveys/0
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