FTB... feeling clueless, advice pls!

[ColaCubez]

Me and DH are buying our first home after years and years of scrimping, scraping, sacrificing and going without. Can't believe it's finally happening tbh, it's always felt like an out-of-reach pipe dream. We're so excited!

However, I'm now feeling a little out of my depth with it all.

The bank has carried out their valuation and the mortgage offer has been approved, the solicitors are now carrying out their searches. But I'm confused about building surveys.

Was the banks valuation a survey? Or should we need to pay for our own survey to be carried out? Is a buyers survey just a recommendation, or a legal requirement? Will our solicitor/bank/estate agent/mortgage broker(?) tell us when to arrange to have a survey done or can we arrange this off our own back at any point in this process? What kind of survey should we be getting done? ARGH!!!

We're currently renting privately and our landlord wants us out for the end of Sept as he wants to sell up, so I don't want to hold our own purchase up by not doing something we really should have.

Thanks

Some mortgage lenders will require a certain survey but as yours have done a valuation it sounds like they don't need one. I would get one for peace of mind but up to you as it's not essential. Talk to your solicitor and they can advise if needed

Banks are often happy with a basic survey to basically confirm the property exists and is worth a certain amount. However, you might choose to get a thorough survey so that you find out about any potential things that need fixing and might be costly e.g. damp, electrics, windows etc. I think you could arrange that through the bank (so a different level of survey than the basic valuation one) or you could appoint your own surveyor to have a look.

What the bank carried out was not a survey, it was a mortgage valuation, the sole purpose of which is to assess whether the property represents appropriate security for the loan they are intending to offer you.

A survey is not a legal requirement, but is probably a sensible idea, particularly for anyone who does not have an extensive knowledge of property. Generally speaking there are two types of survey, a homebuyers report, and the more detailed buildings survey. Which one you have carried out primarily depends on the age of the property.

Whilst you have a solicitor who you have employed, and a mortgage broker too, the estate agent is not yours, they act on behalf of the vendor. if your solicitor is reasonably local to the property you are buying they should be able to recommend a surveyor to you.

The valuation doesn't look in much depth, and sometimes don't even go inside . It's just for the bank to make sure they'll get the money back if the have to reposes and sell.

The survey looks at the structure of the house so you can find out if it's going to need major work like a new roof. You don't have to have one, but it can be useful as if it picks up big problems you can pull out or negotiate a lower price.

Thanks for your replies, really helpful. We'll definitely have a survey done.

Generally speaking there are two types of survey, a homebuyers report, and the more detailed buildings survey. Which one you have carried out primarily depends on the age of the property.

It's approximately 10 years old, so not old. Would a simple home buyers report suffice for us then?

It's approximately 10 years old, so not old. Would a simple home buyers report suffice for us then?
Yep, a homebuyers would be perfectly adequate for a property of that age.

www.ricsfirms.com/

regarding the landlord - he can want you out but unless he goes through the proper process it is just a want.

you can do quite a lot of survey in addition to the professional - visit in the rain, at different times of day, ask about electric s, boiler etc and read between the lines of the epc.

Landlord can serve notice in line with the tenancy agreement. Usually 2 months from when it is served. You can talk to the landlord about staying longer so you don’t have to move out before you buy. I wouldn’t upset the landlord but I would try and negotiate if you need more than 2 months.

the 2 month notice is not a notice to leave! it is a notice of legal action if you dont. discussion is of course the way forward, but English landlords cannot end tenancies. Only tenants and bailiffs can.

Sorry, just to clarify I am aware that the notice period for us to leave is not an eviction notice. LL doesn't know we know this, but we do. Our 2 month notice period is actually up at the end of Aug, but we requested an extra month and LL agreed. He thinks he's doing us a favour, but we already know we legally can stay until he takes actual legal proceedings. But, we want to keep it as stress-free and as amicable as poss, but we do know our rights.

Our solicitor is aware of our situation and has agreed to move as fast as he can and estimates we should be in by mid to late Sept (it's chain-free as the property is vacant and we're FTB's - we're buying a property from an ex-LL who wants it gone asap).

Just researching local surveyors now, thanks for the RICS link Mildura

what else doesnt he know? hope your deposit is protected.

when you have exchange, (not before) I suggest you give your notice to ensure he doesnt start playing games.

Yes our deposit is protected with DPS. We will be paying for a professional end-of-tenancy clean and taking pics before we leave. LL already has notice. We have mutually agreed end of Sept.

"what else doesnt he know?"
Sorry, I don't understand what you mean by this?

there is a ruck of paperwork landlords must give tenants. there is gas safe, smoke alarms, epc etc etc.

you should worry. if he cocks any of this up he cant evict you, even if you overstay the notice you gave.

hope it works out .

of course that is 'you shouldnt worry'!! you hold all the cards.

ColaCubez that initial deposit is for the solicitors to pay for the searchers - or at least that’s what they told me!