Worth doing a private survey?

DonRoddy

We are purchasing a property and have had a full mortgage offer through from our lender. As part of the offer, they completed the valuation/survey online.
The estate agent suggested that we carry out a private survey for our peace of mind, have suggested someone.
Is the agent hinting that there may be something structurally wrong that a mortgage survey should have picked up, or are they just suggesting someone they work with to perhaps earn a bit of extra commission?
Either way, with a lot of lenders doing stuff online these days, would anyone suggest a private survey be carried out?

greatcrested

Yes. The agent is hinting that they get a commission for referring you to the surveyor!

Decide for yourself if you need one, and then decide who to use.

Age of property?

general condition?

Your attitude to risk?

your ability/experience with property?

Davesnave

There is no 'mortgage survey;' all the lender wants to do is satisfy themselves that the property represents enough surety against what they are advancing, so it might be a simple drive-by at best.

You haven't even hinted at the type of property or its age, so no one here can hazard a guess at whether a full buildings survey or just a homebuyers' report would be the way to go. I'd not employ anyone who might receive a kick-back from the EA anyway!

RICS have a web site with plenty info.

DonRoddy

As we have already got the mortgage and agreed a sale price - if the survey comes up with something huge, can we reduce the offer price?
Also, would it affect the home insurance in any way if a survey was not done?
Property is about 40 years old, good condition from our 1st and 2nd viewings from what we have seen but we are by no means experts. 3 bed semi detached in a suburban area

Rambosmum

DonRoddy said:

As we have already got the mortgage and agreed a sale price - if the survey comes up with something huge, can we reduce the offer price?
Also, would it affect the home insurance in any way if a survey was not done?

Wouldn't affect home insurance. 

Yes, you could reduce the offer price. 

Are you FTB? Do you have much experience with houses?

Personally, having viewed many houses and bought and sold a few, I don't bother with a survey, but I know what I'm looking at with regard to whether a new roof is going to be needed, whether the property suffers from damp, if new guttering is needed. If a house neds completely gutting anyway, I'm not going to pay someone £££ to tell me that. if the house is presented as being newly renovated, I may pay for someone to look behind the curtain so to speak (I personally wouldn't as I'd do it myself).

Surveys generally make negative reading - "cellar has evidence of water ingress and the peeling paint indicative of damp" well no sh*t Sherlock, its an unconverted cellar below the water level, it's going to be a bit damp. However a roof you cannot see from the road or via the loft hatch maybe worth having someone investigate. 

Surveys always, always advise you get a as and electrical survey done, they are just covering their backs.

greatcrested

You can change the offer price, or withdraw, up to the point you Exchange contracts. Though etiquette dictates you should have a sensible reason to reduce your offer eg something totally unforeseen  and significant in the survey.

Home insurance is not affected.

matthew91822

I'm FTB and am buying a 1995 Terraced house. I'm skipping the survey as the property did appear in good condition on the two times I viewed it. I've also got friends in the building trade should there be any issues. 

youth_leader

I know of someone who bought a house eleven months ago and didn't commission a survey - she was locked out recently because the front door has dropped due to subsidence, confirmed by a structural surveyor.  She does regret not having a survey and is waiting to hear from her insurance company.  I think paying for a survey is worth the peace of mind, do make sure they are RICS registered, if anything does come up the house may be priced to reflect this if the vendors are aware.

Rambosmum

matthew91822 said:

I'm FTB and am buying a 1995 Terraced house. I'm skipping the survey as the property did appear in good condition on the two times I viewed it. I've also got friends in the building trade should there be any issues. 

Sounds a sensible decision. 

Davesnave

matthew91822 said:

I'm FTB and am buying a 1995 Terraced house. I'm skipping the survey as the property did appear in good condition on the two times I viewed it. I've also got friends in the building trade should there be any issues. 

  I've never had a survey, but I have a reasonable understanding of building practices and family in the trade. Everyone's situation and attitude to risk will be slightly different. The Homebuyers can seem rather underwhelming, but a full Buildings for more recent property may feel OTT as well.

Don't look upon a survey as a potential way to get a price reduction; that will only be appropriate if something expensive and totally unexpected turns up. See it more as a 'to do' list, as there will be maintenance required on a 40 year old house.

Carrot007

youth_leader said:

I know of someone who bought a house eleven months ago and didn't commission a survey - she was locked out recently because the front door has dropped due to subsidence, confirmed by a structural surveyor.  She does regret not having a survey and is waiting to hear from her insurance company.  I think paying for a survey is worth the peace of mind, do make sure they are RICS registered, if anything does come up the house may be priced to reflect this if the vendors are aware.

Are you suggesting a survey would have picked that up?

Not a chance, if the buyer could notice then the surveyer might.

Either way they will say they are not a structural engineer and hire one if you are concerned. Not that the seller will let them do their invasive surveys anyway so they too would just have to guess from looking, might be slightly better at seeing early stages though.

The more times I have got the report and it is usually OH's paranoid parents the less I am convinced they are worth anything!

Electrics? Easy to see.

Damp? Obvious and they will find some anywya wheren there is nothing. (My first house had been empty for 2 years, yeah of course there was a bit of damp, soon disapeared after being lived in).

Roof, can see that from the street hopefully.

Built before 90s May have asbestos. May not also. Artex? well asbestos or not I am just not buying.

Water pressure, well turn on a tap, this one is important.

Internet capability, this is not in the report and more important that 99% of it.

Windows, well I can see em myself too.

Quite frankly scare mongering and such reports shoudl be mandatory and done and paid for by the seller to prevent the rip off double dipping the companies want.