Building survey advice(4 Posts)
We've just had an offer accepted on a house (yay!) but it needs some work. I want to get a survey done to check the structural condition so we don't get any nasty surprises. I've done some research and it seems we need a "buildings survey". Does that seem right? I'm so clueless!
I'm also confussed because it seems that the mortgage company would do a basic valuation survey. Do most people sort out the building survey through the mortgage company too (is that possible?) or do they sort someone out seperately? There seems to be websites where you can get quotes or do I just start ringing round places? Any advice?
We had the mortgage company do a basic survey for the value of the house and then had an independent survey done too. I would highly recommend it. Our survey has shown up a load of issues that are going to cost a lot to fix.
We are in London, if you would like the details of the surveyor we used please PM me. He was recommended to me by a close friend that works in property and he was also about £500 cheaper than another quote we received.
There are 3 levels of survey:
- valuation, which is for the lender's benefit and tells you almost nothing about the condition of the house
- homebuyers, which gives more detail on condition, but only on what is visible. They don't move furniture or lift flooring, etc
- structural, which goes into much more depth
Obviously, they go up in price. Which level you go for will depend on what you are buying, its age, apparent condition, your view on risk, etc.
FWIW, I got a homebuyers survey. It was organised by my lender as they had a special price associated with the mortgage. This was for a 20 yearold, standard build house which seemed to have been looked after.
Oh, and the valuation is 'owned' by the lender, but you are the customer for the other types. Which is useful if you have subsequent problems and need some comeback.
Hope that is all correct
If you want to know about the structure definitely spend the money on a building survey and ideally try and get a local recommendation of a good surveyor. I just had both done (buildings survey organised by me and valuation survey by the lender) and there's no comparison. A good surveyor will give you a very thorough insight into the property and you'll be prepared for any work/costs. As an aside I also sold recently and my buyers had a homebuyers survey and it didn't raise any issues that I would have expected it to. Unless my buyers just didn't bother following it up. Unlikely though.
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