Homebuyers Report/Survey

Faith1960

There was a previous sale that fell through due to redundancy on the property we are now buying (a month before we saw the property). When I asked the Estate Agent selling that property for surveyor recommendations he also mentioned that the previous buyers had their Homebuyers Report for sale if we were interested in making an offer. So, two questions: would you and if yes, what would you consider a reasonable offer to make. We have had three quotes ourselves for a HB Report ranging from £410, £500 and £600.

When the Agent told me I did wonder what the implications would be if within, say, six months we found some major problems that should have been highlighted in the report and that we wouldn't have any recourse as the report was not commissioned by us.

hazyjo

I'd get my own done. If you're getting a mortgage, they'll often upgrade the valuation to a homebuyer's for not much more.


Most have a clause saying not for resale I believe, so you'd not have a leg to stand on.


Also, I wouldn't be asking the EA for recommendations. Especially the EA you're buying through and not selling through - they work for the vendor and are being paid by them!

davidmcn

If the "sale" of the survey includes the surveyor agreeing that you can rely on their report then fine, otherwise getting a copy of it really isn't worth much to you.

phill99

The HB report has a value of a big fat zero to you or the seller.


There is a clause in it that says the report is only for the benefit of the person that commissioned it. Therefore it is not to be used by a third party.


If the original surveyor didn't pick up on something that you subsequently find, then you wont be able to bring an action against him.


So for the sake of £400 or so, you are leaving yourself wide open.

G_M

You may get some insight into the condition of the property. However you'll never be able to rely on the survey in the event of a dispute eg the surveyor missed something significant, since you have no contract with the surveyor.


If you are relatively competant at assessing properties yourself, and interpreting survey reports, it may give you enough extra information to be worthwhile, but if you are relying on it completely to assess the property, then pay for your own survey.


Price? Around 1/3rd / 1/4 the original cost?

Faith1960

Thank you to all that answered and you have confirmed what I thought. I have decided to book a surveyor to do the HB Report on the property.

phill99

Faith1960 wrote: »

Thank you to all that answered and you have confirmed what I thought. I have decided to book a surveyor to do the HB Report on the property.

If you go to the original surveyor he may give you a discounted price as he is familiar with the property

Mutton_Geoff

As the original report is virtually worthless, I'd probably offer a max of £50 for it for a heads up/second opinion only. In reality, the vendor/agent should be offering it to you for free to encourage your offer/purchase, not try to cream more money out of it.


Your lender will require their own valuation survey which as others say, is relatively inexpensive to upgrade. You should always commission your own experts and do your own due diligence on the most expensive purchase of your life.

G_M

Mutton_Geoff wrote: »

As the original report is virtually worthless, I'd probably offer a max of £50 for it for a heads up/second opinion only. In reality, the vendor/agent should be offering it to you for free to encourage your offer/purchase, not try to cream more money out of it.

Neither the vendor nor agent can offer it. It is not theirs to offer. But the previous abortive buyer could.


Last year I had a full survey done on a property (£800ish), but later pulled out of the purchase.


A month later the agent rang and asked if I'd be willing to let a new buyer see a copy. In the end we agreed £150.