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Original poster

Would you buy without a homebuyer survey?

82 replies

Crunchiedelight · 18/10/2020 16:49

I’m a ft buyer with my DH and have recently had an offer accepted on our dream house. We are booking the mortgage survey next week, is it necessary to book a homebuyer survey too? DH thinks it’s not necessary at all (he was an ea 13yrs ago for a few yrs) but I’m a bit nervous. The house is about 30yrs old, has been extended and renovated by the current vendors beautifully, they have lived there for 20yrs. It all looks great on the surface to me, is it a waste of time and money?

OP posts:
oldmotherriley · 18/10/2020 22:39

I sold a house once (one I'd bought it without a survey). The intended buyers (young couple) paid for a survey. Surveyor gave them his report on 'a two story house'. Which was odd, as the house had three stories (he hadn't noticed the door to the third floor - but still took their money). Nice work, if you can get it.

Chumleymouse · 19/10/2020 09:05

A friend of mine was selling a old cottage with a big patch of damp on the wall , so he put the sofa in front of it and sat there till the surveyor had gone 😀. A homebuyer survey will consist of the surveyor walking around and looking , they will look in manholes ( if they can get them open ). They won’t move things or look underneath flooring .
Our last one stuck his head up into the loft but didn’t go in .so not sure he Gave the 120 year old roof a proper look 🙄
All they will do is spot the obvious, and then cover themselves by saying x ,y and z might need doing,work in x amount of time .

Mumofwho · 19/10/2020 13:32

You get what you pay for. One surveyor quoted us hundreds of pounds less than other surveyors. We did not go with him.

FAQs · 19/10/2020 14:32

A mortgage survey isn’t a building survey, it’s a valuation survey two very different things and as another said they often don’t even attend the premises.

Always best to get one.

Bouledeneige · 19/10/2020 16:59

I'm just wondering whether to go with a homebuyers report or a full structural survey. I am buying a large 3 bedroom flat which is on the ground and basement floors of a double front Edwardian house on a hill - approx built 1905.

The difference in price is only a few hundred pounds but - I know this is stupid to say - I'm not sure I want a really detailed over cautious report. I think the detailed survey causes more problems by suggesting further surveys and issues - but they are effectively coming up with problems to justify the payment for the survey.

I would welcome advice.

Mumofwho · 19/10/2020 18:00

I faced the same dilemma and even cancelled the structural survey but then thought twice about it and I am really glad I gave him the go ahead. I was only interested in the big things that I would not have picked up from my non professional eyes.

The surveyor was excellent and did a thorough check and really grilled the vendor. We discussed the main issues rather than minor things that are to be expected in all these reports.

Bouledeneige · 19/10/2020 18:06

Thanks Mumofwho.

Erictheavocado · 19/10/2020 19:42

@FAQs

A mortgage survey isn’t a building survey, it’s a valuation survey two very different things and as another said they often don’t even attend the premises.

Always best to get one.

This. When dh worked for a big mortgage lender he was often asked to carry out the valuation survey. He is not a surveyor. Basically, he was told to drive down the road, make sure the house existed and appeared to be in keeping with the rest of the properties in the street. He, and other staff, were usually asked to 'value' properties within the area we lived so they would have a rough idea of local prices and would know if the property was appropriately priced for the area. Whenever we bought a property, we always paid for a survey - dh would never trust the valuation survey.
StrangeCoat · 19/10/2020 20:28

I've purchased 3 houses without a survey, but no extensions or red flags to make me think I needed one. Always had a good idea from age/style of house (google helps) of what potential issues there could be and it's been fine, no surprises.

Bouledeneige · 19/10/2020 20:37

Out of interest. Would you have a home buyers report or a full survey?

Chumleymouse · 19/10/2020 20:44

Has anybody ever had a survey that came back and said everything is fine ?

KoalaRabbit · 19/10/2020 20:46

Only the valuation one and £35k so far of work which was immediate.

AldiAisleofCrap · 19/10/2020 20:47

We didn’t get one but we bought our council house that we had lived in for years so it seemed pointless.

Chumleymouse · 19/10/2020 20:51

I would like to think if I went to look at a house that needed 35k of immediate work, I would be able to spot . 😳

IheartNiles · 19/10/2020 20:54

You’ve got to know what you’re looking for, but to be honest it’s not that difficult. Conversely I’d be more likely to commission one on a newer house than one that’s stood for over 100 years.

Mumofwho · 19/10/2020 20:57

Clearly people are confused between a valuation done by the bank valuers and a building survey done by a RICS surveyor. So there’s not much to say. To a PP I would be bold enough to say that it absolutely cannot be true that your husband was asked to drive around and just figure out a value. This must be an outright lie and shows zero understanding of the financial regulations in place as well as a banks overall incentive in issuing a mortgage. No bank in the western world would ask any employee to do something so utterly ridiculous. The risk to them is astronomical for regulatory and their own financial reasons. Banks also rarely act as their own valuers because of conflict of interest. They employ the big valuers such as Legal & General. However, rogue employees are always a possibility.

OP completely up to you. I used to be a doubter and I’ve bought 4 properties in my lifetime thus far. I highly recommend it and not because I am silly and have a desire to throw away money. All I can advise you is that if you do decide to do a buildings survey then do your research. If your employ the surveyor whose quote is remarkably less than others, then don’t expect something thorough.

A homebuyers survey is not as comprehensive as a full buildings survey. With the former they only look at what they can see. No lifting or moving of anything. No checking of lofts, cellars, etc. Just very basic. If you’re going to pens money, might as well spend the extra hundreds for the full one.

mumsy27 · 20/10/2020 01:54

differs from house to house and knowledge you've got to decide to go for a survey.
if you decide for a survey then go for a full one.
homebuyers isn't worth it.

Original poster
Crunchiedelight · 20/10/2020 19:52

Thank you, lots of food for thought. Tbh I trust that DH has enough knowledge to see any issues on the surface, I’m not sure how helpful a homebuyers report would be.

OP posts:
AldiAisleofCrap · 20/10/2020 20:18

@Mumofwho I had to read your post three times to work our that you were being serious. Drive by valuations are an extremely common way for financial institutions to value properties. Did you really think they viewed each and everyone inside?

Chumleymouse · 20/10/2020 20:22

That’s how they do council tax valuations they just drive past.

Bouledeneige · 20/10/2020 20:39

I was at home when my buyers valuation survey was done and the chap who did it can’t into the house and was there for at least 20-40 minutes . Sufficient to spot cracks in the bay window that meant the lender required further reviews to be undertaken. So I don’t think it’s ridiculous to imagine a valuation is more than driving by.

Hardbackwriter · 20/10/2020 20:39

If the mortgage valuer for the people who bought our last house didn't do it as a drive-by then the company obviously employ cat burglars, because we certainly didn't ever let them in.

It's not a secret that mortgage valuations don't always involve going inside the property, e.g. this article from Which:

Traditionally, a surveyor would usually have visited your property to compile a short report. However, these days surveyors are increasingly opting to value properties using recent sales data online and, if required, driving past the property.

www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage/mortgage-valuations-explained-abknp4r9hytt - Which?

All the bank cares about is that the house can be sold again for more than the money you owe them - not the price you paid, the money you owe them - if you stop paying the mortgage.

Mumofwho · 20/10/2020 21:17

Aldi, I am serious. Yes.

People are clearly confused between a bank valuation and a buildings survey. Valuers can do desk valuations but if they do an on-site visit, believe me it will be an on-site visit and they’ll usually spend at least 20-30mins to verify their desk top valuation. No on-site visit is a drive by job.

Mumofwho · 20/10/2020 21:21

Council tax valuations are not financial transactions, they do not form the basis for financial transactions and are not governed by financial regulations.

Adamandtheaunts · 20/10/2020 21:33

@Chumleymouse we had a survey that came back fine - the worst thing in it was that the bathroom was a bit dated or words to that effect (it was, still is).

On the other hand my dad just bought a property that had been flipped without one. (Bought, renovated quickly and cheaply then sold on for a profit). The seller had started it up but the boiler didn't work and there wasn't enough pressure water pressure for the shower to work. They had to spend their limited moving savings on getting those replaced. I was gutted for them.