Is a survey required

horsewithnoname

Mr.Generous said:

I have purchased without any survey on about 8 or 9 occasions, but to give you peace of mind here's what it would say if you buy a basic report ...

In regard to the XXX, while at the time of the survey no problems were evident, the limited access and checks made means we would advise you to get a specialist roofing/plumbing/wiring/building/damp survey to be sure.

Yeah, that was my thinking. Having had two, they actually tell you sod all that you can’t see for yourself 😁

user1977

horsewithnoname said:

user1977 said:

horsewithnoname said:

Do you have to have a survey - homebuyers report - if you don’t want one? I don’t really see the point. 

Who do you think is going to make you? The survey police?

I was more thinking the mortgage company. 

You didn't mention anything about a mortgage...but in any event, no, what gave you the idea that lenders insist on you getting homebuyers reports?

propertyrental

horsewithnoname said:

user1977 said:

horsewithnoname said:

Do you have to have a survey - homebuyers report - if you don’t want one? I don’t really see the point. 

Who do you think is going to make you? The survey police?

I was more thinking the mortgage company. 

They will require, and arrange, a Valuation survey. This might or might not involve visiting the property. Often it is a desktop exercise, especially if the LTV is low ie you are putting in a decent wedge of your own cash. All they really care about is whether they can get back the amount they've lent...

A Valuation survey is completely different to a real survey ie homebuyers or similar which will involve inspecting the property and reporting in some detail on its construction and condition.

horsewithnoname

user1977 said:

horsewithnoname said:

user1977 said:

horsewithnoname said:

Do you have to have a survey - homebuyers report - if you don’t want one? I don’t really see the point. 

Who do you think is going to make you? The survey police?

I was more thinking the mortgage company. 

You didn't mention anything about a mortgage...but in any event, no, what gave you the idea that lenders insist on you getting homebuyers reports?

I just wondered hence I asked. Thanks, my question has been answered. 

youth_leader

Good luck.  My buyer's mortgage lender survey came up at £0 because they wanted a further damp/timber survey before they'd lend him any money.  Crazy I didn't get one for this bungalow considering my experience! 

kinger101

The lender will have their minimum requirements in terms of a survey, which might be a simple desktop valuation exercise.  More likely, someone whizzing round the property in 30 mins.

Otherwise the risk is all yours.  If you feel confident enough to ascertain the property is worth what you're willing to pay, and there won't be any issues should you resell, then no survey might be fine.

Surveys often contain bland statements and are riddled with caveats, but they do on occasion flag serious issues that you might want to be aware of before you purchase.  At the very least, a well crafted survey can be used as a condition report to identify which ongoing maintenance issues should be prioritised.

Don't fall into the trap if thinking your money is wasted if no serious issues are raised.  But if you do get one, I wouldn't do for the cheapest quote either.  They'll miss serious defects and flag non issues.  Because they'll be there for 30 mins max.