Valuation and Homebuyers survey done separately?

TrudieinLondon

Just had the survey booked in for my property. Was told it would only be 20-30 minutes as it's just a valuation. Does that mean my buyers have opted just to go for a valuation or should I expect them to book another survey down the line? When I last bought you opted into the Homebuyers or Buildings survey at the same time as the valuation with your bank. Not really worried about it as I assume anything big thats wrong with the house will be caught by either. Just trying to get an idea of timescales as I know surveys can take a bit of time to be booked atm.

FinallyStoppedLurking

Valuation would be related to the mortgage. Any surveys would be separate. 

TrudieinLondon

So banks no longer do a combined survey and valuation for their customers the way they used to?

FinallyStoppedLurking

Not that I know of; certainly hasn't come up in any of the mortgages I've looked at recently. 
The banks just want to know that the property is worth the money they are lending. 

TrudieinLondon

Thanks. So I pobably need to be aware another inspection may be done a month down the line.

Unicorn_cottage

I would ring your EA and ask them to ring your buyer and ask if they are doing a survey?

Squeaky9

TrudieinLondon said:

So banks no longer do a combined survey and valuation for their customers the way they used to?

Some do but it depends on the lender. Some don't give you the option to upgrade to a Homebuyers or structural, others do but it may be cheaper to do them separately (and you also get to choose your surveyor then). 

hazyjo

I've always had my surveys done at the same time as the valuation. It's very much a common thing still. Don't think they all offer building surveys though.

There's still every chance there doing either a homebuyer's or building survey separately though.

MaryNB

Halifax did a homebuyers survey for me at the same time as the valuation. I would have done it separately until they offered to upgrade. I hasn't realised it was an option.

If I did is separately it probably would have taken much longer. Their surveyors had a much shorter wait time that some local surveyors I got quotes from.

Slithery

One thing to bear in mind is that if you upgrade your lenders valuation to a survey then your lender will be made aware of any issues. If you commission your own survey then you can keep any problems to yourself.

TrudieinLondon

Thanks for the responses. Not really worried about it atm. It's been a while since I last moved and it was all handled by the bank then and I dont even remember there being an option just to have a valuation, so was just a bit surprised it was only 20 minutes.