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Buying process and when to instruct a building/structural survey

We have had our offer accepted for an old property and have submitted proof of funds / AIP / ID / name of solicitor to the vendor's agent. our  vendor has also had an offer accepted and I think (although at this point embarrassingly unsure) that therefore there are only 3 in the chain.

Memorandum of sale has been sent to our solicitor and he will get on the case when he returns (this coming week).

Meanwhile we are submitting all our evidence to our financial adviser who will then go ahead with the full mortgage app.

I'm confused as to the next step - is the mortgage valuation done before the offer or in tandem?

When do the vendors fill out the TA6?

We are having a full structural survey and I'm not sure when to fork out for this / book it?

I think everyone wants to complete before the Stamp Duty holiday ends but I can see a long old wait for the structural survey and they will try to convince us we don't need it. 

Any advice would be welcome. 
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Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    I'm confused as to the next step - is the mortgage valuation done before the offer or in tandem?
    Before. The lender will want to make sure the property is suitable security and value before they offer you the mortgage.
    When do the vendors fill out the TA6?
    It's part of the draft contract.
    We are having a full structural survey and I'm not sure when to fork out for this / book it?
    How big an issue do you think it'll be?
    Are you prioritising total expense in the event of problems, or time taken?
  • tink_1983
    tink_1983 Posts: 319 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    We have had our offer accepted for an old property and have submitted proof of funds / AIP / ID / name of solicitor to the vendor's agent. our  vendor has also had an offer accepted and I think (although at this point embarrassingly unsure) that therefore there are only 3 in the chain.

    Memorandum of sale has been sent to our solicitor and he will get on the case when he returns (this coming week).

    Meanwhile we are submitting all our evidence to our financial adviser who will then go ahead with the full mortgage app.

    I'm confused as to the next step - is the mortgage valuation done before the offer or in tandem?

    When do the vendors fill out the TA6?

    We are having a full structural survey and I'm not sure when to fork out for this / book it?

    I think everyone wants to complete before the Stamp Duty holiday ends but I can see a long old wait for the structural survey and they will try to convince us we don't need it. 

    Any advice would be welcome. 
    We recently got to day of exchange on a purchase before the chain fell through. We instructed a surveyor as soon as mortgage was approved. They had a 6 week wait. 
    Dont be convinced not to have one.. ours highlighted issues. And my sister had a survey last year that highlighted subsidence..  worth every penny to be aware of the issues your taking on.
  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 2 January 2021 at 1:51PM
    AdrianC said:
    I'm confused as to the next step - is the mortgage valuation done before the offer or in tandem?
    Before. The lender will want to make sure the property is suitable security and value before they offer you the mortgage.
    When do the vendors fill out the TA6?
    It's part of the draft contract.
    We are having a full structural survey and I'm not sure when to fork out for this / book it?
    How big an issue do you think it'll be?
    Are you prioritising total expense in the event of problems, or time taken?
    Thank you. The house is 150 years old and we are realistic about issues it might raise so unless there's something major it shouldn't hold things up from our end. But I don't want to pay £1000 too early on in the process either. I suppose the priority is peace of mind. The mortgage valuation shouldn't affect our ability to purchase it as we have quite a big deposit and a bit spare. 
  • FreeBear
    FreeBear Posts: 18,020 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    lookstraightahead said:  The house is 150 years old and we are realistic about issues it might raise
    Do try to find a surveyor that specialises in historic & period buildings. If you get a run of the mill one that sticks pointy damp meters in the walls, he will find damp and refer you to one of his PCA mates. This mate will then try to scare the bejeezus out of you in an attempt to flog pointless & potentially damaging "cures".
    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
  • FreeBear said:
    lookstraightahead said:  The house is 150 years old and we are realistic about issues it might raise
    Do try to find a surveyor that specialises in historic & period buildings. If you get a run of the mill one that sticks pointy damp meters in the walls, he will find damp and refer you to one of his PCA mates. This mate will then try to scare the bejeezus out of you in an attempt to flog pointless & potentially damaging "cures".
    Thank you, that's really useful to know. I expect all kinds of things but then it's deciphering which of them, if any, are a 'big' deal.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    lookstraightahead said:
    The mortgage valuation shouldn't affect our ability to purchase it as we have quite a big deposit and a bit spare. 
    Unless the surveyor gives it a value of £0...
  • youth_leader
    youth_leader Posts: 2,887 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I agree with FreeBear, my house was 172 years old. I don't think the surveyor my buyer engaged understood heritage buildings at all. Also, if your mortgage lender asks for a PCA member damp/timber specialist do try and find an independent that won't just try to sell you a humidifier and a chemical damp proof course.
    £216 saved 24 October 2014
  • youth_leader
    youth_leader Posts: 2,887 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    My buyer's mortgage surveyor valued my house at £0 because they wanted the damp/timber report. 
    £216 saved 24 October 2014
  • AdrianC said:
    lookstraightahead said:
    The mortgage valuation shouldn't affect our ability to purchase it as we have quite a big deposit and a bit spare. 
    Unless the surveyor gives it a value of £0...
    Scary thought 😬
  • My buyer's mortgage surveyor valued my house at £0 because they wanted the damp/timber report. 
    What happened next? Thats a shocker! 
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