David Lock

1) If someone is thinking about buying a property do they have a survey done before or after they put an offer in?

2) Do most people still have surveys done on properties less than say 20 years old (unless there are valid reasons e.g. known problem with clay or whatever)?

Thanks, David

tony de wonderful

I'd like to know this too. I was under the impression you put an offer in conditional to a good survey?

200sex

iTrader: (2)

normally the offer goes in the house is then sold subject to conditions then survey is done to find any problems and if all good morgage people release money if not they wont lend the money.

even new built houses still have a survey

austinwrx

I thought it was dependant on yr mortage- i.e 100% yes you need a survey.

I remember buying my hse with a 90% mortgage and not needing a survey.

200sex

iTrader: (2)

thats very odd cause the bank wont normally lend the money unless the house is surveyed cause the need to protect there investment in the house as there the ones buying it for you

David Lock

I appreciate that a bank or BS may require a survey but that is often just a token drive past not a proper inspection as carried out by a chartered surveyor commissioned by the prospective buyer. d

Tidgy

survey comes after the offer, its part of the mortgage procedure, befor eyou have found a house you can get a mortgage agreement in principle

tony de wonderful

How's that different from a pre-arranged mortgage?

Tidgy

not sure tbh, the AIP is a basic financial check including credit check to make sure your not excluded from borrowing that amount. it gives you a figure that you can use to make an offer within your budget, however it isn't a 'yes we'll give you the mortgage' though its just a 'figures look ok on paper, so we will consider it'

Ramdog81

In the UK Offers are the start of the process and subject to Survey.

Order things should happen:

Speak to broker and get Mortgage approval (Best Rates and max lending)
View house
Offer
Offer agreed
Instruct Solicitor and put monies on account with them for Local Searches
Back to broker instruct Mortgage Valuation (for Bank to confirm house is worth the loan)
Mortgage Offer - paper work confirming loan which is needed for exchange
Structural survey (Your personal survey nothing to do with bank)
Exchange
Complete - Move in

Ramdog81

Mortgage Valuation: The surveyor does this on behalf of the bank generally just has a quick look round and then gets at least 3 comparable Sales from local agents.

pslewis

Don't confuse the Mortgage Valuation with a Survey!!!

The valuation simply offers the Lender confidence that their money is safe - that they could sell the property for the loan value, if you default.

The offer goes in way before the survey ..... and a survey is entirely up to the buyer to arrange or, indeed, not have any at all.

I would ALWAYS advise a Homeowners Survey on a modern house .... a Full Structural on anything Old or suspect.