Buying process and when to instruct a building/structural survey

lookstraightahead

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. 

AdrianC

lookstraightahead 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?

tink_1983

lookstraightahead said:

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

AdrianC said:

lookstraightahead 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

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".

lookstraightahead

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

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

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.

youth_leader

My buyer's mortgage surveyor valued my house at £0 because they wanted the damp/timber report. 

lookstraightahead

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 😬

lookstraightahead

youth_leader said:

My buyer's mortgage surveyor valued my house at £0 because they wanted the damp/timber report. 

What happened next? Thats a shocker!