right chaps and chapets (?)

made an offer on a flat, got accepted, now have a mortgage.

the mortgage company recommend I get a house buyers report/survey thingy done (they have sent out a valuer but this is for business purposes and not 'home buying' purposes).

Everyone I've spoken to says these are expensive and a waste of money!

Anyone care to comment?
Please!!!!

 

A friend of mine and his wife went to the additional expense of the "de luxe" 5 star survey. They got the all clear from the surveyors.

Subsequently they found a major structural defect which cost several thousand to put right, but was not spotted in the B/society survey either. Luckily his wife worked at a solicitors, but it still took them 4 years to prize the liability from the surveyors.ie. they bought no peace of mind at all!

Check yourself for obvious things wrong, take a builder friend or electrician, no seller can object as long as you are not being ridiculous.

You will note that all these surveys carry a caveat along the lines of "if this turns out to be baloney, tough titty on you fish face, it's not my fault". The clause is supposed to be there to stop malevolent claims being made after the event out of control of the surveyor, but it's handy innit.

I've always settled for the Building society one. Most importantly with a flat, check the leasehold/management schem for who pays for what. A leaky roof in the top flat should be paid for by everybody, not just the top flat, equally tarmaccing the car park and cutting the grass for example.

[This message has been edited by BarryK (edited 23 July 2001).]

 

Depends on the flat. The older or ropier it is, the more it is useful.

I bought a Victorian 2-bed that had been ignored for the last 25 yrs by its owner, following his installation of the orange kitchen, avocado bathroom, woodchip wallpaper, pine panelling, and removal of any wood with a contour (like banisters, skirting etc). I couldn't afford major repairs after purchase, no way was I buying it without knowing what I was letting myself in for.

It cost about 400 pounds and the guy was a local, doing it for 25 yrs - knew everything, spotted almost everything (150k of my money, I was pretty eagle-eyed too!). Warned me of dodgy chimneys, damp walls but reassured that the cracks, weird electrics and plumbing were cosmetic. At that price it's worth it as I used it to bargain over a grand off the price; I can see orange kitchens when negotiating the price with the seller but not damp walls or chimneys. It may be less cost effective on a flat. But if you like DIY and are concerned, it's good peace of mind.

Good luck!

BJH

 

My mate went for the five star job on a house after he put in the offer. The surveyor found structural problems that the bank surveyor had missed. Saved him at least 30k in the long run

 

Age of property? thats important as said earlier.

Ive been there and done that. 1st house I ever considered buying, had a "home buyers" survey. Basically turned out that this nice detached house was the end of a terrace, the others had been knocked down!!! Building society advance 0% until shed loads of work was done. A normal valuation survey assumes that basically the house is going to be ok. They are often there for like 10 mins.

I have always got more money knocked off the house than the cost of the survey. Im pretty sure the surveyors are basically trying to notice things like this to earn their money.

robski

 

it was built in 1984 so 17 years.

How much do these homebuyers reports cost? Can I change my offer halfway through proceedings?

questions, questions, questions........

 

I spent 400 quid on a mid range survey of an edwardian place.
Turned out it need 7k of work to make it 'safe' needless to say the purchase didn't go ahead. 400 quid well spent in my eyes.

It depends on how old the building is and where it is as to whether you should spend the cash.

Though I don't know where the building society get the gall to ask for 200 quid for a simple valuation.

 

i just put an offer in on a 3 bed semi victorian villa type place.

i am having a full structural survey done - its the only sensible thing to do on an older house. it may cost me 900 quid thru the building society but i dont see it as an option. if you skimp on a survey on an older house dont be surprised if you get bitten.

you will be surprised what you can cover up with paint and a bit of new skirting board !

dave

 

My brother is going through this process at the moment.

He got a home buyers survey on a flat, and it turns out that the roof is leaking (although the flat is on the first floor, on a four storey building), the guttering needs cleaning out, the cold water storage tank (services all flats) needs replacing, and to top it off the electrics are old, and the balcony is unsafe!!

Other than that it's fine!!! It leaves room to haggle! But some of these things wouldn't be spotted by just looking yourself!

Better safe than sorry!!
Andy

 

All the books/mags say offers should always be made "subject to survey" to give you room to move.

With our nice English system either party can change their minds on price up to exchange of contracts....

 

I'd get the survey done. The question you should be asking is does anyone know a good surveyor in the area.

You're spending 10's of thousands and you are worried about saving a couple of hundred quid that could save you making a big mistake.

 

The valuation survey done on behalf of the Bank/Building society is basically just a visual inspection of visible walls etc, and a measure up, the guy will not do any dissasembly.

You really should also get your own survey done by a reputed local firm, cost varies from £250 - £500+ depending on how much peering and prodding you want them to do.

Stuart

 

I am buying a house of that age and the Mortgage valuation is probly OK. Especially if it is an "estate" house (Builot by a big firm). IF it is a one off development then I more detailed report may be worth while. Also if it has been extended then go for a more complete report.

You can look for a lot of stuff yourself by carfull examination of the place (damp walls feel cold for example, does it smell, knock on the window sills if they are wood) Just like buying a car really. If you smell a rat (or even see one) then call in the professionals.

On an older property I would go for a big report for all the reasons that have already been said.