Would you exchange before seeing survey report?

tweeto

Hi, i'm keen to exchange before my periodic tenancy rolls into the next month (with potentially up to a 2 month notice period as a result).

We have a full structural survey booked for Friday and am wondering would it be safe to exchange before you get the report (which could be up to 10 days later)? I plan on speaking to the surveyor after he completes the survey to discuss the results, so depending on what he says I could give the green light to exchange. For example if he says there is nothing major and just minor things that could do with being tidied up.

Are there any other downfalls to this that I am not seeing?

davidmcn

No downfalls, other than the obvious that you won't have had a chance to read through the report and consider it (and all its caveats) in full. But a verbal report would include any significant issues, so if it is actually clear then I wouldn't be too concerned about going ahead..

Tiglet2

You will have no bargaining power at all once you exchange.  
What has your solicitor advised?  Have your solicitors completed all their work on your transaction?  Doubtful they would agree to exchange without completing the work you are paying them to do, unless they ask you to sign a Waiver to free them of any responsibility over your transaction.  
You would be risking a lot just to save one/two month's rental payment.

ChewyyBacca

this is like counting pennies and risking pounds! Though you can go on a limb and bank on verbal confirmation; you also need to wait for completion date, if there is a long chain, then have to wait longer for the confirmation.
Also minor tidying things can sometime take time, so you will have option to complete some works in the new house before moving in So may be hold your horses, a little while.

macman

Ask your surveyor if he will deliver a verbal report only at slightly reduced cost. Once you have exchanged, the written survey is worthless,

tweeto

Tiglet2 said:

You will have no bargaining power at all once you exchange.  
What has your solicitor advised?  Have your solicitors completed all their work on your transaction?  Doubtful they would agree to exchange without completing the work you are paying them to do, unless they ask you to sign a Waiver to free them of any responsibility over your transaction.  
You would be risking a lot just to save one/two month's rental payment.

Solicitors work is all complete, the survey is the last thing to do before we can exchange (other than agree a completion date)......I don't see what i'm risking as I will be speaking directly to the surveyor who carries out the survey?

ChewyyBacca said:

this is like counting pennies and risking pounds! Though you can go on a limb and bank on verbal confirmation; you also need to wait for completion date, if there is a long chain, then have to wait longer for the confirmation.
Also minor tidying things can sometime take time, so you will have option to complete some works in the new house before moving in So may be hold your horses, a little while.

There is no chain, I am a FTB and there is no upward chain (property is empty)

macman said:

Ask your surveyor if he will deliver a verbal report only at slightly reduced cost. Once you have exchanged, the written survey is worthless,

It will still be nice to get the report to identify what minor stuff that needs doing in the future. Also, I am an engineer so i'll be interested in reading the report 

davidmcn

macman said:

Ask your surveyor if he will deliver a verbal report only at slightly reduced cost. Once you have exchanged, the written survey is worthless,

Or if they could just try to spend less than 10 days typing up the survey.

macman

I see no issue, as long as you accept that your surveyor will accept no liability if you proceed without sight of the written survey.

iwb100

On the basis of a verbal report yes. As long as you aren’t put off by a few minor repairs being required. Because a verbal report will give you any major issues but he may well not include or forget smaller stuff. 

Tiglet2

Solicitors work is all complete, the survey is the last thing to do before we can exchange (other than agree a completion date)......I don't see what i'm risking as I will be speaking directly to the surveyor who carries out the survey?

OK, that's fine - but you didn't actually say that the solicitors work was complete until now, so how are we supposed to mind read?

greatcrested

macman said:

Ask your surveyor if he will deliver a verbal report only at slightly reduced cost. Once you have exchanged, the written survey is worthless,

I had a detailed report listing a whole host of minor issues on my 150 year old house, none of which made me want to pull out or renegotiate.

But the report was worth every penny just for the 3 'To do' lists I compiled:

* things to do/get done in the first 2-3 months

* things to get done in the first year

* things to eventually get done

I worked through the lists ticking everything off, but would not have known to do half of them (or more) without the report.

OK, that's fine - but you didn't actually say that the solicitors work was complete until now, so how are we supposed to mind read? 

668 posts tiglet - I'd have thought by now you'd understand that's exactly what most posters here expect........!!