Survey on apartment- necessary?

Hugbubble

Hi all
I am in the process of buying a leasehold apartment- they have agreed an offer, we're all gearing up to get the solicitors on the case etc etc. I am currently sorting out the mortgage through a broker. He suggested in my discussion with him that, as the apartment is in a relatively recent conversion- its about 10 years old- that a housebuyers survey would not be necessary, and that the valuation survey (insisted on by the lender) would be sufficient as it would highlight any major problems- which would be extremely unlikely anyway, given how recently it was converted.

I would be interested to know what others think. Obviously I don't want to pay for an survey if it is unnecessary.

Any thoughts?

Jorgan_2

The mortgage valuation is more for the lender than yourself, I doubt if it would highlight many issues. At best it would advise that further investigations be carried out. As the property is a conversion, and more than likely being sold without any form of warranty, due to the fact it is approx 10 years old, I would seriously consider having a homebuyers survey carried out.

Biggie

You need to reduce the risk of something seriously wrong with the house, I agree get the homebuyers survey.

btw

Brokers\Estate agents have a vested intrest they don't want to jepordise their commision which may be the case with a bad survey.

ken_and_dot

Take the brokers advice on a mortgage, take a surveyors advice on the building. You would'nt go to a surveyor for a mortgage so why go to a broker for building advice.

chappers

Also check out what maintenance has been carried out in the last 10 years and if any major works are intended for the future, maybe knock on the doors of one of the other residents and ask them.Generally flats have fewer serious issues than houses

Jorgan_2

Also check what, if any, maintenance is planned for the future. You don't want to move in to find the management fees double to pay for improvements.

marybishop

Hugbubble wrote: »

Hi all
I am in the process of buying a leasehold apartment- they have agreed an offer, we're all gearing up to get the solicitors on the case etc etc. I am currently sorting out the mortgage through a broker. He suggested in my discussion with him that, as the apartment is in a relatively recent conversion- its about 10 years old- that a housebuyers survey would not be necessary, and that the valuation survey (insisted on by the lender) would be sufficient as it would highlight any major problems- which would be extremely unlikely anyway, given how recently it was converted.

I would be interested to know what others think. Obviously I don't want to pay for an survey if it is unnecessary.

Any thoughts?

Yes, change your broker! Seriously, don't take his advice as it's rubbish. The valuation may simply be a drive by (unbelievable I know) so that's not going to highlight any major problems! And who's to say the conversion was done properly/to a good standard/with the correct permissions, etc?

If I were you I'd phone the RICS for details of independent surveyors and phone a few for quotes for both the Homebuyers and the Building Survey (full structural survey).