Buying house- When to do a survey?

Leakingtile79

Hello all!

Exciting times for my partner and myself, as our offer was accepted for a house by the sellers. The situation is, we have no chain on our end (1st time buyers), but they didn't have a place yet to move to. The wheels of buying have started turning though, and we have to fill in and provide information for solicitors, state agents....

Now, we want to do a survey, but also want to avoid losing money for various reasons, and would like to do the survey once the sellers have an offer accepted on their side or similar, to have more certainty. Can we somehow wait until there is a bit more certainty (sellers having found a place with offers accepted and timeline provided) to do a survey? Or it has to be done within a certain time frame? Thanks!

Flugelhorn

we have just been in this situation, (not FTB but no chain) - decided not to do anything until we had some clarity re the chain, sellers have now stated that the sale is not connected to onward purchase, ie that they are going to rent / move elsewhere (of course they may not!) but that means we are now getting on with everything

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https://forums.moneysavingexpert.com/discussion/6671225/buying-house-when-to-do-a-survey

Timing of when you have a survey is a judgment call by you depending on how strongly you feel the other party is committed. Legally, you don't have to have a survey at all (though I very strongly recommend you do have a survey), but your concern that your fee may be wasted if they drop out is justified.

You may want to make initial contact with a surveyor now, and they may suggest a time-frame, but waiting a little while does you no harm at all.

If you're getting a mortgage (and most people do) it is very likely to be a condition of the loan that you do have a survey.

Having a survey leaves you in a much stronger negotiating position, and although there is an cost to it, you may be able to negotiate a lower price based on the survey results. It is possible that ultimately you don't proceed because of an adverse survey, but you should view this as a lucky escape rather than lost money.

Jemma01

You can decide to do a survey whenever you want, even to when a chain is closed. My mortgage lender didn't care for one. The later you find out information, the later you can pull out (which might be ok by you, other ppl have time targets).

You do need to consider why you're doing it. It's not a tick box exercise. If you want it to negotiate the price, delaying it could cause tension between you and the seller who put an offer on another house with the view of how much you're paying.

daveyjp

You choose, but if you are applying for a mortgage that will generally be the trigger point for a mortgage survey to be undertaken.

mebu60

Just started myself, my buyers will be chain-free (in process of selling then moving in with her parents). My vendors have just had an offer accepted but their sellers need to find somewhere so chain still growing.

I am cash buyer for the differential but decided to progress level 2 survey mainly to establish if any issues asap. It's scheduled for just under three week's time. Will be annoying if my sellers don't end up moving but cost will be less than the 8 year service for my car this morning!

theartfullodger

Take any friends/contacts who are builders, architects or DIY enthusiasts round and see what they mention. Likely get 3rd of survey results for free early. Hopefully none put their own bids in.

Albermarle

I would spend as little as possible, until the sellers have an offer accepted on a house and their sellers have also found somewhere else to move to ( unless it is an empty house).

You should note that when you do have a survey done, the results often seem quite alarming, although often there is nothing that serious.. The surveyors highlight all sorts of minor things, just in case you ever come back complaining they have missed something, although of course they will spot something more serious sometimes.

If you're getting a mortgage (and most people do) it is very likely to be a condition of the loan that you do have a survey.

A mortgage survey is low level, and in many cases is carried out remotely. It is really just checking that the property should be easy to sell if they have to repossess- so not an unusual design, or a complete wreck, or in an unusual location for example. If you want a proper survey you will have to pay for one yourself.

Having a survey leaves you in a much stronger negotiating position, and although there is an cost to it, you may be able to negotiate a lower price based on the survey results. It is possible that ultimately you don't proceed because of an adverse survey, but you should view this as a lucky escape rather than lost money.

It can also be seen as a maintenance check list- jobs that need doing at some point.

Bigphil1474

In the circumstances you describe, I would wait until your vendors have had an offer accepted. Depends what type of buyer they are, how fussy they are, what their needs are etc. but it could be months. If you start the ball rolling when they have had their offer accepted, then you would be on similar timelines. If you leave it too late, it could hold up the sale while enquiries are ongoing. Hopefully your vendor will buy an empty house.

eddddy

The downside of doing the survey now is… the sellers have a long time to change their minds about selling to you. (e.g. because they have an unexpected 'life event', or because they can't find a place that they want to buy.)

The benefit of doing the survey now is… if the survey shows up problems which result in you walking away, you get to walk away sooner, and resume your search for another property sooner.

ExEstateAgent

My advice is to press ahead with initial solicitors instructions and your mortgage application. The lender will do a valuation survey to confirm they're happy with the property from a security point of view. They will flag up if there are any immediate issues (i.e. if they say the property is only worth X and you're having to pay Y then you can address that first).

I wouldn't get a full survey until I'm sure the sale is proceeding. Likewise I would ask your solicitor not to undertake searches etc., just to provide their details etc. to the other party.

You don't want to incur large costs for something that may not happen!