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Should I get a £500 Home Buyers Report done?

(4 Posts)
faraday Tue 07-Jul-09 14:44:54

Serious Q: This is a 9-10 year old property on an established housing estate (on which we live!).

I'm musing to myself WHAT is the likelihood that the less than detailed survey will throw up anything that might cause us to walk away from the as yet unsigned deal? The odd cosmetic thing that in a normal market you might use to re-negotiate the price in one's favour won't apply as the vendors have had buyers knocking down the doors and we've gone in over the asking price as it is!

Other thing is we think they sellers might pull out of the deal once they realise how hard it is to buy around here even though we've given them 3 months- (gotta get in on the day a property is advertised with an offer!- desirable catchment) so I'm even more loathe to spend £500!

I KNOW many will say don't THINK about not getting a HBR done but how much use are they anyway in a court of law when I say- 'YOU missed the rising damp' and they say 'It was behind a bookcase and our terms and conditions state that unless it jumps out and slaps us we're entitled to overlook it!'

Bear in mind the HBR's scope is: (Q)

"It doesn’t detail every aspect of the property, and only focuses on urgent matters needing attention".

faraday Tue 07-Jul-09 17:07:53

bumpity-bump?

scaredofthegarden Tue 07-Jul-09 19:04:04

In my view you should never just rely on the mortgage valuation. We did this on our last house and regretted it (very silly since we are both lawyers too!). We uncovered al sorts of problems in the five eyars we were there. In your case the NHBC warranties will be expiring and you need to know if there are hidden costs in the property. The mortgage valuation only tells the bank whether it will lose money overnight on the house. I know they don't lift carpets etc on a homebuyres but if you have any concerns and point them out in advance they will address them.

claricebeansmum Tue 07-Jul-09 19:07:45

Usually your home represents your biggest financial gamble investment. I am always hmm and those who do not have a full belt and braces survey and are then taken aback when they discover the true horrors their house it..

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