Homebuyer survey with or without valuation

gab3x

Hi,
I have been quoted £650 (VAT included) for my Homebuyers survey without valuation. For the valuation piece our surveyors are asking for additional £165.
Is this worth it? Would you do it?

hazyjo

Are you getting a mortgage? They'll be doing a valuation, so it's entirely up to you if you want another. It may give you the means to renegotiate if they down-value after your survey, but the vendors are under no obligation to agree.

onyx911

We didn’t bother. We have been looking for a long time now and have a pretty good idea of what properties in the area are worth. 

Our buyer also opted for no valuation. His surveyor came round and at the end he said “I’m not doing a valuation, the client told me he is happy with the price”. I wouldn’t be thrilled if my surveyor said that to the vendor but it was good to know all the same!

gab3x

hazyjo said:

Are you getting a mortgage? They'll be doing a valuation, so it's entirely up to you if you want another. It may give you the means to renegotiate if they down-value after your survey, but the vendors are under no obligation to agree.

Yes, getting a mortgage. Banks don't share their valuation with the customer, at least my last two banks didn't

gab3x

onyx911 said:

We didn’t bother. We have been looking for a long time now and have a pretty good idea of what properties in the area are worth. 

Our buyer also opted for no valuation. His surveyor came round and at the end he said “I’m not doing a valuation, the client told me he is happy with the price”. I wouldn’t be thrilled if my surveyor said that to the vendor but it was good to know all the same!

We have seen a number of houses in that street which is all prototypical victorian semis, done by same developer. 

We know we are paying a fair price for that street (def not a bargain) but this is the best house and unlike all others we have seen so far it requires no additional investment. 

In normal times I would be secure in my reasoning but given the crazy times we live in I wouldn't mind getting an independent professional to give their opinion on it, just in case things have changed so fast and we haven't caught up.

I should get my mortgage offer next week, maybe my broker could see if bank would share their valuation as hazyo mentioned above.

Swash

We didn't get a valuation. Our mortgage lender has already done one and offered the mortgage, so I didn't see the point in getting another if the lender was happy, and we are happy with the price we are paying.

Swash

Also, £650 sounds like a lot for a homebuyers survey. We paid £350 for ours, but I'm guessing it depends on area.

gab3x

Swash said:

Also, £650 sounds like a lot for a homebuyers survey. We paid £350 for ours, but I'm guessing it depends on area.

Our property is in Surrey. Surveyors quote by sale price, ours is £600k.

mlb95

gab3x said:

Hi,
I have been quoted £650 (VAT included) for my Homebuyers survey without valuation. For the valuation piece our surveyors are asking for additional £165.
Is this worth it? Would you do it?

Hey, we have booked our homebuyers survey for the 18/11 (if all goes ahead..) and we've paid £325 including the valuation. Our property purchase price is £255,000 so possibly that's why it's cheaper than your quote.