Start survey now or after lender valuation?

FTB_Help

Hello

My offer on a house has been accepted, can't exchange until Feb so I'm not in a massive rush to get mortgage app sorted right now, but keen to lock in the rates.

I've instructed the solicitor to start work, mortgage application I'm hoping to send off tomorrow.
My question is, should I get an independent survey done in the next few days as well?
Or shall I wait for the lender to do a valuation first (to make sure that we can still get the loan and that it's valued close to our offer price)?
I just had a thought that if the property gets devalued and can't get the rate that we want and unable to renegotiate with the vendor, then might not be able to go through with the house, so then that's extra £,000 spent on survey on something we can't go through with, what are everyone's thoughts?

Thanks

Thrugelmir

You could always upgrade the lenders valuation to a homebuyer report. Job done once then. Will be cheaper. 

rebs

Thrugelmir said:

You could always upgrade the lenders valuation to a homebuyer report. Job done once then. Will be cheaper. 

Not all lenders offer that option. My current mortgage application is with Virgin Money and they only offer valuations.  I am thinking the same as the OP - wondering whether to kick off an independant homebuyers report survey now or wait until the mortgage valuation has been done.

FTB_Help

rebs said:

Thrugelmir said:

You could always upgrade the lenders valuation to a homebuyer report. Job done once then. Will be cheaper. 

Not all lenders offer that option. My current mortgage application is with Virgin Money and they only offer valuations.  I am thinking the same as the OP - wondering whether to kick off an independant homebuyers report survey now or wait until the mortgage valuation has been done.

Same, most lenders I have seen are valuations only, and the best rate I could find offers free valuations too.
As we have so long to wait (can't exchange till Feb) we're not in a massive rush, but at the same time if something props up in the valuation - say it's been down valued then we may have to walk away if we can't renegotiate on price, it seem from reading on the forum most valuations these days take a while to book in.
But then I would like to see if there is anything structurally wrong with the property that will make this place a no go.
Does valuations look at things such as Japanese Knot weed - I assume yes otherwise it won't be worth much if the lender was to repossess?

Tonyw193

I would maybe wait until you have a mortgage offer from the lender and then book the surveyor. That way if for whatever reason the valuation came back lower than expected or the lender refused your application you haven't wasted further money. I booked my surveyor report and im yet to have a mortgage offer but this was simply not to slow the process down further. If you have a while before exchange you may as well take less of a risk with your money. 

FTB_Help

Thanks, I'm struggling a little to understand some of the subtle differences between valuations and surveys.

For example, if I'm purchasing a property for £100k, valuation done and valued at £100k, independent survey done and found £20k worth of issues, does this mean the valuation should have been more closer to the £80k mark or if the property did not have the £20k issues the property would have been valued at £120k?