Survey/ Homebuyers Report

[TheFantasticFixit]

Hi all

Just looking for a bit of advice about what happens and when during the housebuying process.

We’ve had our valuation survey done and mortgage confirmed - EA has asked for an indication as to when the survey might be done now. I thought it was the valuation one, duh, but this is separate, and more thorough, right?

A valuation survey on it's own is mainly for the benefit of your mortgage provider. It won't have much detailed information, or give you too much of an idea of the condition of things and what's going to potentially cost you to sort out for instance.

A condition survey will give you more detailed information, but even then there are differing levels. The most popular ones are called Homebuyer's reports (these often also contain a valuation for mortgage purposes). But a homebuyers still isn't an exhaustive survey, and is based on a purely visual inspection. It often comes back with lots of caveats (especially with respect to electrics and damp).

A full building survey is more intrusive and is the best information you are likely to get. It's most common for people buying older properties in particular. But is the most expensive.

Do we NEED it tho? There was nothing of concern on the initial survey and we are happy to proceed on that basis. We had one here (older property than the one we are buying) and the stuff was pretty much the same on that more ‘in depth’ - ie check electrics, absestos possibly present in roof etc. We know that utilities are all up to scratch as it’s been rented out consistently and been well maintained.

No you don't need it.

How old is the property?
Do you need one? Are you prepared for repairs that might cost thousands of pounds?
We made an offer on a house that looked in good repair just needed updating, full survey followed up by specialist survey found 250Ks worth of work to be done to the roof timbers.

We got one for piece of mind and ours threw up a massive fire hazard (polystyrene on the heating system) that we wouldn't have known about and would have killed us if there was a fire. For the sake of £350 I'm so happy we did!

So heating has been redone in the last 3 years, and the roof was redone 12 years ago apparently. So major concerns aren’t there for me, and that’s what has spooked me now! We’d only order a homebuyers anyway, so is it really going to provide insight of a level to alert us to deeper issues?

Ours was so detailed! I didn't mean to spook you, we were so shocked it came up..

Oh no! I don’t mean you spooked me- rather the EA did asking when it would be 😳😩😄

Inferior was yours a full building survey or condition?

My bad! Just a homebuyers report :)

No need to have one done if you are happy with the valuation report. Many people, who don't need a mortgage get no survey done whatsoever. Sounds to me like you'll be fine without spending more money.

Phew. Great. That’s definitely my instinct given the valuation report and the condition of the house currently. Great! Will hopefully get a nudge on for everything else today and move things along!