Broker advising basic survey first

[likeamother]

Wisdom needed please!

My mortgage broker (L&C) have recommended I go with a basic survey and valuation from my lender first, as if something is picked up on the basic that makes the property un-mortgageable I’d lose money had I instructed a homebuyer’s report instead.
Once the basic gets the thumbs up I can arrange my own homebuyer’s one independently.

Is this common practice? I get what they’re saying and the lender’s basic and valuation is free so I won’t wind up paying more overall but I don’t want to delay the sale and doing things this way seems dragged out. I also don’t want to miss my window for getting the homebuyer’s report done as I’m unlikely to know when the basic and valuation has been carried out.

Wwyd?

I thought all mortgage providers did a survey? Not a structural one, usually desktop, to ensure value loaned against the property isn't above the property value?

Yes I believe they do too, that’s what I’m calling the valuation. Probably is desktop, just comparing other sold prices in the area I guess. So that will definitely be happening.

This is slightly specific but I bought a property which turned out to be unmortageable because of something which the surveyor saw near the house but not on the property. I'd instructed a homebuyers report and this is what he was there to carry out but obviously we spoke about his findings and he recommended that I not go ahead with the homebuyers. He just did the valuation report (of £0) and we were refunded the difference between the basic valuation and the homebuyers report.

2 of the 5 houses I’ve bought the mortgage company said they didn’t neeed to do a survey. So it was down to me if I wanted to get one.

Of the other 3 - the first 2 the mortgage “countrywide” home buyers survey was next to useless. Just flagged everything as a potential issue. We paid for a local surveyor to go and do a home buyer ones after paying for the countrywide survey as it was so poor. This was much more useful. So for the third we declined the countrywide mortgage company cheaper survey and just went straight for a local surveyor- costs more but so much mor helpful.

How likely is it the mortgage valuation will render the property unmortgagable? If risk is low I would go ahead and book in an independent local surveyor who has local knowledge. Everyone is so busy at the moment as the market is booming that you will like have to wait a couple of weeks anyway and can cancel it if needed

Thanks both.

I'm not aware of anything that would mean it's refused. It's a lived in property in good condition and the next street to where I am now so no issues in the area (though it's a different type/age of house).

I think I'll book a local surveyor then, thanks. I'll try and find out timeframes for the basic/valuation and book for after that's expected, but really don't want to miss out on getting one or hold up the sale.