When to get homebuyers survey done?

NewHouse86

At what stage in the mortgage or buying process should I get a homebuyers survey done? Before or after an offer from my lender? I assumed before incase any work is advised and I need to negotiate sale price but now i’m doubting myself. 

I appreciate there is always a risk of losing money if my mortgage is declined but am torn between trying to help the process move smoothly by having all processes completed, and not paying for anything unnecessarily until I know mortgage is approved. 

bannanna

Hello Newhouse. Sorry not to be much help, but I'm in the exact same position and would love to hear what the hive mind thinks! Out of interest,  when did you put in a full mortgage application and how far down the line are you after instructing your solicitor?

FinallyStoppedLurking

Is your priority saving money or getting the move going quickly?
Is there a chain and is this complete?

NewHouse86

FinallyStoppedLurking said:

Is your priority saving money or getting the move going quickly?
Is there a chain and is this complete?

I am FTB on a rolling month contract, the people I’m buying from are moving into an empty property. We are in no specific rush but also don't want it to drag unnecessarily because I haven't completed stages. I guess it’s a catch 22 situation almost- I either take the risk and spend the money knowing I could be declined (no adverse credit, 85% LTV, not affected by furlough but single parent so know I could be seen as a risk) or I don’t spend the money and get accepted but then slow things up by waiting for a survey after acceptance

MaryNB

I did my mortgage application first because my vendor was refusing to go SSTC until I had an offer but I said I wouldn't do my survey or conveyancing until the chain was complete (to minimise cost incurred if they couldn't find an onward purchase). All I would have lost was the £200 mortgage valuation. Saying that, I ended up upgrading my mortgage valuation so the lender's surveyors did the Homebuyers for an extra £365.

Local surveyors told me there was a four week wait back in September so I wouldn't leave it too late if I were you in case you end up in the same situation. Also, if it throws up a few reds you might feel like you want additional surveys or to get quotes for the work which could add a lot more time on.

NewHouse86

bannanna said:

Hello Newhouse. Sorry not to be much help, but I'm in the exact same position and would love to hear what the hive mind thinks! Out of interest,  when did you put in a full mortgage application and how far down the line are you after instructing your solicitor?

Applied through NatWest without a broker, submitted application on 30/10, documents requested 02/11, documents sent 03/11, documents viewed 13/11, additional documents requested 16/11, valuation booked for 23/11. Struggling a bit to supply them with the additionsl documents they need as they want proof from a solicitor that I’m using a help to buy ISA even though my help to buy ISA is with NatWest them self. 

v_rouge

Just keep in mind that at the moment you might face a big delay with surveyors availability. We had to wait 5 weeks for ours and booked it in the same day as our mortgage application (which took 3.5 weeks in itself before an offer). I'd recommend at least booking one in now as you might need to wait and its likely you'll get an offer prior to the survey being done (if not, you could push back the survey a bit as Im sure a surveyor has a long waiting list)

NewHouse86

MaryNB said:

I did my mortgage application first because my vendor was refusing to go SSTC until I had an offer but I said I wouldn't do my survey or conveyancing until the chain was complete (to minimise cost incurred if they couldn't find an onward purchase). All I would have lost was the £200 mortgage valuation. Saying that, I ended up upgrading my mortgage valuation so the lender's surveyors did the Homebuyers for an extra £365.

Local surveyors told me there was a four week wait back in September so I wouldn't leave it too late if I were you in case you end up in the same situation. Also, if it throws up a few reds you might feel like you want additional surveys or to get quotes for the work which could add a lot more time on.

Thank you for sharing your experience MaryNB. I think I might have to accept the potential of a cash loss and get the survey requested and done. All very unnerving in an already expensive situation. 

janoid19

Im a first time buyer too and did it in the following order.

I applied for my mortgage through MA and organised my Solicitor on the same day. I received my mortgage offer 2 days later and then instructed my solicitor but he couldn't do anything until my Vendors had found a property to move to and sent over the draft contract. 

Once the vendors had found a property and the chain was complete, I instructed the Surveyors to book in the Homebuyers Survey. Its probably worth getting some quotes from surveyors while you wait and find out how long the wait is. This means as soon as you are ready to go you can give them the green light.

janoid19

Our wait for survey was around 3 weeks from enquiry to the survey being carried out.

SaintJudy

I got my mortgage offer first so that way everyone would know I was serious and in a position to proceed, although in fairness the offer came back pretty quickly, it took about 2 weeks. When I booked the survey I couldn't get an appointment for 3 and a half weeks, all of the ones I tried had huge backlogs so it may be worth calling surveyors just to see how long the wait is. If the mortgage decision comes back negatively in the meantime you can always cancel the survey (presuming you don't go with someone who requests payment immediately)