Okay so a mortage requirement is to have one of "their" surveys done. But we also have a recomendation of a top whack surveyor who is very thorough and good. We defo want a thorough full survey as its an old house and spending £600 on a survey could save us 250k of heartache!
So what is best to do- pay once for top whack mortage survey once mortage going through thus avoiding paying for two surveys.
pay now for top whack independent survey done next week to highlight any problems and if its not a viable sale we can walk away before too far down mortage and solicitor fees route. If we do then proceed we would just have bare minimum survey done to meet mortage requirements? Or is this daft and paying twice?
The survey which the mortgage company do is mandatory but it is for their benefit - basically, they want to be sure that your house is worth the amount they are lending on it and that if they need to sell in future because of non-payment of mortgage, they will be able to get their money back. You should not rely on that to highlight any/all issues with the house. It is up to you if you choose to have the additional, comprehensive survey done - apparently some people don't - but unless you feel confident in identifying problems with dry rot, crumbling roof tiles, structural cracks etc. then you are potentially facing some very expensive shocks down the line.
2 things to mention re surveys - there's varying levels, ie you can have a homebuyer survey which is more in depth than the mortgage survey, or you can have a full structural survey done which SHOULD highlight all faults.
Its worth shopping around - I got a quote for £250 for a full builders structural survey recently. However, make sure that whoever you go with if you choose the top level, you have 'comeback'. So if for example the house turns out to have dry rot or smething equally expensive but it wasn't picked up on the survey, you can chase them for the cost of the repair.
He came and did a "dad survey" and his phenomenal knowledge revealed the electrics and the internal roof support were a bit buggered plus issues with flooring downstairs! We have now had to pull out of sale but have not forked out £500+ for a survey to find this out.