When to do survey on purchase property?

[LondonStalling]

Need some advice please! We are selling our current house and buying a new property. We have accepted an offer on current property, and our buyer has completed a Level 3 survey, (it's an early 1900s property), and following this are doing some other surveys, so we're not at the point of exchange yet.

In terms of the property we're purchasing, our offer has been accepted and our mortgage just approved, (details sent to our solicitor), so should we just go ahead with the survey on the property we're buying? I feel like we should move forward ASAP. Although, on the other hand, am I over-thinking that we should wait, i.e, till we exchange or at least in discussion to exchange on our current house? Sorry, I appreciate this sounds stupid, but just wondered what other's views/considerations would be? TIA.

Yes go ahead now

definitely before exchange!

ASAP. Why would you wait until you exchange? Once you’ve exchanged you’re legally committed to buying it at the agreed price, so you wouldn’t be able to do anything with the survey results even if they said the house was about to fall down.

As a seller, I’d be annoyed if you dragged your feet on this. Book it in today.

Survey first before searches because if it throws up anything major you haven't wasted money.

Exchange happens after everyone has completed all the checks and balances that need to be made when buying and selling. If a survey post exchange throws up something unexpected and expensive, you’re committed to the purchase, unless you accept a significant financial penalty. Do it now and if there are issues, you can make an informed decision about whether you go ahead.

I mean the exchange with the our buyers of our current property.

Yes, would definitely do the survey prior to exchanging for our purchase!

But aren’t you exchanging on both at the same time? What if you end up selling your house but not buying the new one?

Generally when I have acquired and passed all the other information I possibly can because of the risk on the financial outlay.

I wouldn't want to survey and then find out there is some major issue that I could have found out without the survey that would stop the purchase.

So I would be checking all the stuff I could. There is a thread on here which details everything. So deeds, local planning etc. At the very least I would want the two TAs.

Op I think you need to have a chat with your agent to understand the process and timeline

Do it v early stage to show the sellers of the house you're buying that you are serious! You need to crack on op

You can't wait to exchange on the property your selling unless you're planning on moving else where. What are you expecting your buyers to do, exchange and then sit there, legally required to purchase your house, indefinatly?

The expectation will be exchange and completion in line with all properties in the chain. Its why the system is so stressful for everyone!

Is the purchase of the new house not reliant on the sale of your current one?

My experience is different, I had two failed purchases due to issues revealed during/after the searches came back and if I would have ordered the surveys straight away I would have lost 3k.

Normal practice is to get a survey done once the chain is complete.

If you exchange then you’re committed to buying the property no matter what the survey throws up. So definitely need to do survey before exchange!

I agree we need to act quickly, we certainly don't want to upset the seller we're buying from. It's just, it's still 2 weeks till our buyer does another survey, so it feels a such a worry!! We'd already discussed moving somewhere else temporarily, either family, or renting, so our buyer can move in, although, it would obviously be better to only move once. Now we have an onward property, we can align all the timelines. The seller of the property we're buying, doesn't live there.

Thanks all. Needed to hear some wider views. I just need to get over the fear, and deal with the cost!

Agree with @Doris86 that you need to wait until the chain is completed. My buyers have got RICS survey coming in - only a week from offer - meanwhile I have still not found a house.

It seems you can't win. DS paid for searches which were fine but then the survey has revealed a possible deal breaking issue.