We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Let to buy - which house is surveyed?
Slinky
Posts: 11,643 Forumite
We accepted an offer on our house around Easter. We've been expecting a survey at some point. The purchasers are keeping their existing home to rent out and buying ours. The EA said that they have had their mortgage offer from Halifax with no survey involved. Apparently 95% of Halifax let to buy mortgages they don't bother with a survey. Seems very odd to me, but then I got to thinking, presumably if the mortgage company were to do a survey, it would be on the vendor's current home?
It would appear they aren't going to bother with a survey on ours. They are chasing the EA for a completion date from us, and still no mention of a survey. I had a full survey done when I bought it, and that was 24 years ago, I'm astonished they'd buy a nearly 50 year old house and have no survey at all.
It would appear they aren't going to bother with a survey on ours. They are chasing the EA for a completion date from us, and still no mention of a survey. I had a full survey done when I bought it, and that was 24 years ago, I'm astonished they'd buy a nearly 50 year old house and have no survey at all.
Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%
Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%
Make £2023 in 2023 Total: £2606.33/£2023 128.8%
0
Comments
-
They will have had a valuation (maybe a drive-by).
Lots don't bother with surveys. Especially if they know what to look out for when viewing. Was their viewing quite thorough?
Saying that, I was told my last buyers weren't having a survey, but people talked them into it near to exchange. I wasn't impressed as thought they might be trying to drop the price at the last second, but thankfully they didn't. Nor did they after instructing a structural engineer after the survey to inspect a wall (that cost a few hundred in itself). Did slow things down a bit though.2024 wins: *must start comping again!*0 -
It depends which property the buyers are borrowing against. If they are (re)mortgaging their current property and then using that money to pay 'cash'for yours, then the Halifax will have no interest in your property - they will want to be sure that the mortgaged property is of sufficient value to cover the loan.
And even if the loan is against your property, it is very rare for a mortgage lender to do a survey.That is normally a matter of choice by the buyer. The lender will do a 'Valuation', often a research excercise in the office plus perhaps a 'drive-by' (to ensure the house is actually standing!). Again, the lender does not care about the conditionof the property provided its value is equal/greater than the loan.Since the loan may only be 75% of the price being paid, the fact that the house might need £10K or £20K spending on it is neither here nor there for the lender.0 -
We haven't met the purchasers, the agent did their 2 viewings. We watched them come and go on the CCTV though, they were here for about 20 minutes on each occasion and a lot of that was them standing in the garden.
Lots don't bother with surveys. Especially if they know what to look out for when viewing. Was their viewing quite thorough?
I know the EA told them about the lack of corgi certificate for the boiler and the buildover agreement we had for our extension. Perhaps because we were willing to be up front about things that could be issues, they feel comfortable not bothering with a survey.Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
That depends which house they're borrowing the money against.We accepted an offer on our house around Easter. We've been expecting a survey at some point. The purchasers are keeping their existing home to rent out and buying ours. The EA said that they have had their mortgage offer from Halifax with no survey involved. Apparently 95% of Halifax let to buy mortgages they don't bother with a survey. Seems very odd to me, but then I got to thinking, presumably if the mortgage company were to do a survey, it would be on the vendor's current home?
It'd be daft to have a BtL mortgage to fund equity in your home - because you'll be paying more for that money.
Why?I'm astonished they'd buy a nearly 50 year old house and have no survey at all.
I've been involved in purchases of houses up to 300yo, and not got a survey. Because I understand houses well enough to spot things just as well as a quick-once-round surveyor will.
A valuation, especially for a low LtV mortgage, may well not even bother visiting.0 -
A further advance from existing lender, or a remortgage to a new lender may see a desktop valuation (or AVM) done on low loan to value cases.
AVM = automated valuation model.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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards