Shared Ownership and Homebuyers Survey

[MooMaid]

Hi all

Hoping someone can help

We're in the process of buying a SO property, under 10 years old with NHBC guarantee and the building insured by the housing association.

We were going to do a homebuyers survey on the property but two different people advised that, for us, it would probably be a waste of money because the building is insured by the HA so they're responsible for the structure and the NHBC will cover the next few years. Based on this (we're FTB's) we decided not to get the survey done - just for the record we budgeted for it, so not trying to cut corners/costs but it sounded sensible when it was explained to us.

Now I'm doubting that decision and cannot find anything online to help advise us if this is actually wise.

Following on from this, if we decided to get a survey done now, how would we go about it since originally we were going to pay via the mortgage company to get the enhanced survey done. How long would this take roughly and would it be easy to sort?!

Thanks to anyone in advance, who can help!

Check if the seller has had a survey done - I'm in the process of selling my SO property and had to pay for a survey myself, which includes valuation. My buyer had their own survey done too but only because their mortgage company required it. Ask your solicitor for advice.

Ah really, so you had to get a survey too as the seller...interesting!

Don't want to cut corners but don't want to hold things up either!

Hi I am a chartered surveyor, the homebuyers or level 2 survey is scant. I will not do them worded to protect the surveyor not the client. The full structural or level 3 is the only one to use . Found some real issues on £500k 8 year old house last week! Don't forget insurance is for one off events leaks etc. not maintenance or inherent defects. Freeindex Is a great site for comparing surveyors and offers best value as it is free not charged for like others local surveyors direct charges the surveyors for simply passing them your details hence they compete on price not quality...hope this helps...

Sorry...The surveyors that your mortgage company would use are really trained as "valuers" ie very good at going on zoopla getting comparable prices and working out the "value" of your house. Some are straight out of Uni your local builder would have more knowledge! look for other associations as well as RICS such as MCABE or MCIOB this will show they really know the buildings. Go independent!

Thanks so much for that - seems pointless having the homebuyers survey as an option if it doesn't protect the people paying for the service!! Really useful cheers

@Dadsnetwasrubbish: would you recommend to do level 3 survey on a new build flat?
Please advise whether level 3 survey can be done 6 months before the completion of the new build flat? Many thanks in advance.