House survey/Valuation Question

Hurdler

Hi All
I am wanting to put an offer in for a house I've been viewing - and I am trying to think back 12 years when I last did this!

I have a nagging feeling that I've read that I should be getting an independent survey done (as well as the survey options that have been put forward to me by my mortgage lender (ranging from quick look-see to full on detailed nook/cranny)...

I certainly don't think I had 2 done when I bought my current property.

If I do need/should get an independent survey done - am I right in assuming that I shouldn't even consider putting in the offer until I get the report back?

Thanks in advance...

selectcase

it seems to be common practice now to put in the offer - then get the survey etc done

Hurdler

OK - that's great to know... I guess I need to ask around a few chums in the area whether they can recommend a surveyor - probably worth comparing rates against those offered by my lender...

Thanks for the quick response

cattie

Usually it works out cheaper to have the mortgage lenders surveyor carry out a homebuyers survey for you at the same time he is at the property doing the valuation for the lender. The homebuyers report is your property & is sent to you, not to the lender.

If you want a full buildings survey then you will probably need to find an independent surveyor & these can cost in the region of £1k.

You would usually put in the offer then have the survey done & if any essential works are highlighted then try to negotiate the price taking into account the necessary cost of the work needed.

Hurdler

OK - and it was that bit that was confusing me (honestly, as stupid as this sounds!)...
I'd figured out my target negotiation price, based on the modernisation and renovation projects I reckoned would need to be done - and I was getting confused as to how one then bargains again on the strength of the surveyors report!

I have been chatting to a few mates who all suggested the same - HB Report as an absolute minimum and really go for the full structual survey as this is a huge purchase and you may as well have the piece of mind!

Thanks again for advice!

Mozette

Unless the property is especially old/large/unusual then a homebuyers report should be okay - it should highlight any major concerns and you could then get a specialist report done on any particular area. If you have any real concerns, arrange a full structural survey. You are likely to be spending at least £100,000 - why scrimp over another few hundred? This can generally be arranged via your lender though,. and remember, it does seem to be a surveyor's job to make every house sound like it is about to fall down...