Survey question

Blue_bell_20

Hi, we have had an offer accepted, we have a mortgage broker etc.

I have a question regarding surveys, I also noticed there’s another survey question but I didn’t want to start asking questions on an existing thread.

We are looking to get a structural survey (it’s quite an old house, but visually appears to be in great condition). Since the lender will have a valuation survey done, can we just go with any surveyor for the structural survey  - I mean the separate structural survey doesn’t need to be linked to the vendor does it?

Falafels

Blue_bell_20 said:

Hi, we have had an offer accepted, we have a mortgage broker etc.

I have a question regarding surveys, I also noticed there’s another survey question but I didn’t want to start asking questions on an existing thread.

We are looking to get a structural survey (it’s quite an old house, but visually appears to be in great condition). Since the lender will have a valuation survey done, can we just go with any surveyor for the structural survey  - I mean the separate structural survey doesn’t need to be linked to the vendor does it?

The lender will have a valuation survey done, certainly, but it might be worth your while asking if the surveyor can also carry out the Level 3 - full structural - one at the same time.

Otherwise, you're at liberty to use any surveyor you like.

greatcrested

There are pros and cons.

* Whether you need a survey is a matter of choice, based on: your attitude to risk; your confidence in yourself (partner, friends etc) to spot issues; the age/general condition of the property; the locality; your willingness to educate yourself and then re-view with a list of things to look out for; etc

* the lender does not do a survey; they do a Valuation. It is designed for themselves not you, and is soley to ensure that in the unlikely event that they have to repossess the property from you, they can sell it and get back the loan - which will doubtless be 85% (or less) of what you are paying. So if the property needs £10K of repairs they won't care (unless the Valuation/sale price is only £50K!). But you might!

* you can use their surveyor to do your survey at the same time

* Pro: sometimes cheaper as the guy does both in a single visit. But not guaranteed so shop arround/compare

* Pro: simpler for you. Just ask lender to arrange the upgrade

* con: may be more expensive!

* con: with your own (decent) surveyor you have a more direct relationship so easier to ring/chat to him afterwards if you don't understand something

* con: with your own, if you have a specific concern ("I plan to knock down this dividing wall. Can you check/comment on if it's load-bearing?") you can usually specify.

* con: if the lender's surveyor sees something worrying, but which you are happy to accept once you know about it, he might comment on it to the lender who might reduce or withdraw their offer. If he was only doing the valuation he probably would not have spotted it (a valuation takes minutes. a survey can take hours).