Banks survey or find my own

khickey88

Simply just had an offer accepted on a house it's a 1950s style house that been looked after and even has planning permission for a 2 storey extension. My mortgage advisor has just told me that they are offering a £640 for a full level 3 surveyor and would have to pay now and its non-refundable.
As its so early on and we are in a chain its seems a lot to lose if thinks don't work out(me been pessimistic).
Is it just as easy to sort my own surveyor out or is it best to go with our lenders. Also would I need level 3 surveyor or would level 2 be suitable? 

canaldumidi

Consideration 1 is cost. The bank survey may be cheaper as they are already sending a surveyor to do a Valuation, so this is an add-on. But that's not always so - sometimes they cost more so, as with any significant expenditure (£100+?) get several quotes to compare.

Consideration 2 is anonymity. Very occassionally we hear of cases where the same surveyor doing Valuation and survey has turned up something that might not alarm you but does alarm the bank. If you use your own surveyor, the bank will not see the survey, and Valuations are far far far less detailed.

Sanctioned_Parts_List

The mortgage lender will do their own survey regardless of whether you do one or not. This will only be a valuation survey and will consist of the lender's surveyor taking some measurements and looking at the general state of the property cosmetically to confirm to the lender whether the property is worth the value you've offered. This is not what's been offered to you today - that survey will have been recommended by the mortgage broker.

You should also have your own surveys done - the cost depends on the size of the house, and you always have the option of engaging your own surveyor if you don't want to go with the one the mortgage broker is suggesting. Note that they broker is suggesting this surveyor as he'll receive a commission for the service, not because the surveyor is anything special.

If the surveyor turns up any problems, £640 is a much lower commitment than potentially tens of thousands if you buy a house with serious defects. Also, if the sale does fall through, you may be able to sell your report on to the next buyer if you keep in touch with the estate agent, recouping some of your loss.

khickey88

It is a 3 bed semi and just got some quick quotes and a few around the same price and cheaper. I think the level 3 is best for piece of mind. I will look into getting my own and get a few more quotes.