Valuation survey

[firstimeseller]

If a buyer has sent in a lenders surveyor for the (I presume compulsory) valuation survey, can/will they send in another separate surveyor to look at the building itself to seek out issues?

Or is this unlikely?

Sorry if this is a silly question, this is all new to me.

Yes. I am doing exactly that, it’s cheaper for me and also I don’t want any survey results impacting on how much they’ll lend me.

Ooh that's interesting. I thought that would be a lot more!

Yes we did this. A valuation survey is just basically to ascertain that the property is on for the right price and that the lender aren't likely to make a loss on the loan. The buyer then has the choice as to whether to pay a surveyor to do a structural survey to look for any issues that may be present in the property which may not be immediately obvious (like roof repairs, damp etc).

Thank you.

I just wasn't sure if they chose to do a more thorough check, if they would be rolled into one survey if that makes sense!

Do you know generally how long it takes for them to organise this, once they have instructed their solicitor? It's a property developer if that makes any difference

Yes, this is what our buyers did. We thought we were out of the woods after the valuation survey but then they send a very finicky structural surveyor...

Ahhhh I just wish the whole thing was a quicker process.!!

Oh yeah and three weeks after the structural surveyor had been the buyers asked for a significant price reduction. This must have been around six weeks after going under offer..
Oh how I hated that process!!

This does not fill me with hope

Our valuation survey was free, organised by the Mortgage Lender and we didn't receive a copy. We then organised our own Building Survey, which took about a month for us to receive back - agonizing! However, no major issues, so no price reduction requested.