Is it really worth getting a survey

Pumpkin_Pie_5

Now, I can hear you all gasping with horror now but hear me out....

Without exception every single chum of ours who has had a survey done has said that it wasn't worth diddly squat as it didn't point out falling down back wall / falling out window in bathroom/etc etc etc and they wouldn't pay for one again, but just go for the valuation. SO What is the point?

We are buying a repossession so there is no negotiation - the price you see is the price you pay so no point having one done for that so surely as we can see the house is not lilting to one side, there is little point for us?

It has got a little damp and we plan a new damp proof course - there are no certificates cos its a repossession so nothing to prove if you see what I mean....:o

So at the moment we are thinking not to bother - Am I missing something?

Doozergirl

Pumpkin_Pie wrote: »

We are buying a repossession so there is no negotiation - the price you see is the price you pay so no point having one done for that so surely as we can see the house is not lilting to one side, there is little point for us?

When did they make that rule up then?

You're mistaken. Apart from the fact that it is possible to knock quite a lot from the asking price, mortgage companies have to respect survey results as much as anyone. If the property is downvalued once, it's just as likely to happen again.

And the fact that there are no certificates surely increases the reason for having a proper survey.

If you have a survey, I would recommend having a full building survey over a Homebuyers. They just seem to state the bleeding obvious.

Pumpkin_Pie_5

I thought it was sold as seen - For want of a better phrase? That's what the estate agent told us??

Doozergirl

Pumpkin_Pie wrote: »

I thought it was sold as seen - For want of a better phrase? That's what the estate agent told us??

You believed an agent without checking with us first?

Bogof_Babe

I've been wondering about a survey too, as we will be cash buyers when we find the flat we are looking for. How do surveys work in flats? Do they have to structurally assess the whole building? Also is a "search" (which I think is about future plans for the area etc.) included in a standard survey? How much does one cost roughly, when you don't need all the details required for mortgage purposes?

maryjane01

From my experience of getting the full survey, I don't think I would bother again. It is so full of disclaimers, if anything was found wrong later I wouldn't count on it as any form of insurance policy. It is good to know if there is dry rot or something else really bad fundamentally wrong with the property that will cost a lot to put right, pay a builder or surveyor (basically anybody that knows a lot obout domestic properties) £100 to walk round with you and verbally give their opinion, you can't claim anything against them at a later date, but I don't think I could claim anything against the surveyor who wrote my full structural survey report anyway because of all the disclaimers. They will tell you to get a sparky to check the electrics, a corgi registered plumber to check the boiler, and the will say they were never able to see the big crack on the wall because a large picture was hanging in front of it so it was not visible during their inspection. They will point out really daft stuff like a chipped tile on the front pathway that is a tripping hazard.

Pumpkin_Pie_5

Doozergirl wrote: »

You believed an agent without checking with us first?

Whaddya think I'm doing here???;):rotfl:

BB Last time we paid about 5-6 hundred for a solid survey with quotes to fix and we would probably go with that again....
Dunno about flats, sorry!

Bungarm2001

To be honest, we NEVER bother with a survey these days, not even the so-called Homebuyers Report, BUT and it is a BIG BUT I have been buying, selling letting etc for over 25yrs and can now pretty much do my own surveys.

We usually buy cash too (sorry..not being flash or anything, it's just the way it is after many years of solid struggle to build up the business) and see a 'survey' as little more than a complete waste of money.

In the past we have had a full structural that missed the fact that someone had concreted over three manhole covers in back garden; several surveys that missed things like woodworm in the floorboards and rampant damp, complete with 'mushrooms' in one room, and a very clever (admittedly) repair to an outside wall that had slipped due to subsidence. So you see, I personally have no time for them...however...if you are a first time buyer, even with cash, I would be very very careful.

If the property you are contemplating buying shows any suspicious signs of anything untoward, like cracks in the ceilings and/or walls; the doors won't shut properly; smell of damp, window/roof lines looking dodgy etc ANYTHING in fact that makes you feel uneasy, then get a good survey done.

Homebuyers reports are usually not worth the paper they are written on in my opinion. They ALWAYS pick on one or all of what I call typical trio namely roof, damp and electrics and put in something like '..get these checked out by a structural engineer' etc just to cover themselves.

Don't know much about flats..is it a house conversion or purpose built?

Bungarm2001

To the person who asked about searches..We don't usually bother with a full search. You can do most of it yourself at the local council offices if you have a few hours to spare.

I would however get your solicitor to get the registry thoroughly checked...(costs about £4 tru a solicitor I think..) to check that no-one else has a claim on the property. I would do this particularly if you are buying a repo..you never know how many debt collectors the previous owners had who managed to get an interim charge on the property.

Bogof_Babe

The flat we have our eye on (although not even viewed yet as we don't live in the area - we're going up at the weekend to see it, if it isn't sold in the meantime) is a first floor one in an old style building that might have been a house at one time. One of those with big bay windows, substantial looking job.

We already own our main home, and are looking for a holiday flat near to family, but we've always had surveys before because we've always needed mortgages before.

Thanks for your valuable advice. Much to think about.

KiKi

I would never purchase without a survey. I've no idea if you are allowed to negotiate price on a reposession (I'd take Doozergirl's word for it though!), but if a survey tells you that there's a serious structural problem, that you have woodworm in all the ceiling joists and that the house had been previously underpinned then I'd want to know. Price negotiation or not, it will warn you of what you're facing!

If you want useful info, as DG said, go with a full structural. The other surveys aren't going to give any useful info other than - as you said - state the obvious.

£500 is nothing on a mortgage of £150K, or whatever it may be. It may well show up nothing, but I personally wouldn't make one of the largest purchases you will make in your life without checking it out. Imagine buying a disaster then finding that you can't sell it on?

MaryJane - that wasn't my experience of a full structural; maybe you had a surveyor who wasn't bothered! I don't see a survey as an 'insurance' policy to claim against if it goes wrong; but I do see it as a useful source of info to prepare me for what's coming, assuming they did a thorough job.

BB - the survey on a flat will be the flat itself, but if it's a full structural, yes they assess the whole building; they have to. Also, much of that will come from the questions asked of the freeholder when you purchase. A Local Search will be done by your solicitor, and will cost approx £150 - or you can do your own for less; and a Land Registry Seach is £6. I hope that helps you.

KiKi