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Additional Details
What if the house is paid off.............. |
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poo | Is a FULL survey necessary when buying a house? |
How does it differ from the other levels of surveys? |
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Tartanaddick
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You should not confuse a mortgage valuation for a survey. Many mortgage companies do not disclose these to the customer anyway, and for those that do, the information is very limited, and should not be relied upon. The purpose of the mortgage valuation report is to assure the lender (not you the purchaser) of VALUE.
It is highly advisable that you should get a detailed survey.
In almost all cases, the surveyor will discover defects of which the purchaser, and often the vendor are unaware. This often provides the opportunity of obtaining a reduction in price, or agreement from the vendor to make a contribution to remedial costs. The benefits of this usually exceeds the relatively modest cost of the survey.
If a "modern" house (at least no older than 1900) and of standard construction, a Homebuyers Survey and Valuation report should provide you with a sufficient level of information as to condition, defects and value, to the extent that you can decide whether the property shought be purchased or not.
For older, non standard or period properties, you would be well advised to obtain a more detailed Building survey report which provides much more detailled information. |
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Cari
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If you need a mortgage, then typically the bank or building society will insist upon a full survey before they will lend the money, unless it's a new build. If you don't have a mortgage then it's up to you what level you get. |
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allen555
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You get what you pay for. If you pay a flat rate it's a 'look only' survey. If you pay more the surveyor looks more closely and goes in the attic etc. |
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leambi
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A basic survey on a house will usually say if there are any problems like damp or movement in the property and that other reports such as damp and timber or structural reports are required to see if works will need to be carried out on the property before a mortgage company will release funds to you. I would recommend that the older the property the more detailed a survey should be, terraced houses or properties built more than 70 years ago should really have a full survey as there will more than likely be hidden problems within he property. |
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Li Z
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If it is an old house, or if you want to do any alterations to the house, I would say definitely yes.
I've just had a full survey done on a potential purchase and the surveyor was extremely helpful. You can highlight the key concerns and questions you have and they will cover all of them in the survey + any other follow up questions you have. It is a lot more detailed and specific to your need than
1. the homebuyer's survey - basic assessment - no structural detail (e.g. if the roof needs replacing the next 2 years, you won't find it in this report but will have it in the FULL survey).
2. Valuation survey - just a basic assessment on the value of the house for the mortgage company.
For a couple of hundred pounds more, it is well worth it. You will know much better what you are buying, and may even be able to negotiate the price down if you have found some issues! |
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ANF
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The cheapest survey really only establishes if the house is actually standing and that there are no holes in the roof. The next level checks the structure and the services to and from the property. The full survey checks the whole house top to bottom. Inside and out. All plumbing, electrics, gas and sewers. Pointing, gutters tiles, nothing is left out because at this level of survey missed items can cost the surveyor dear in compensation. The first time that I had a survey it was carried out by the Building Society and it was cheap. What I did not realise as I was so young was that all their survey did was to establish that the house actually existed and that it was worth at least the sum of the mortgage. |
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YORKSHIRE
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Your mortgage company will insist on a survey, but this requirement is usually only for a basic survey. For peace of mind, I would opt for the most thorough survey that I could afford. |
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Maria P
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YES it is definitely necessary, can you imagine moving in to a house and going in the loft and finding out you need a new roof and then taking the wallpaper off and finding out all your walls need reboarding and plastering, how much would that cost in relation to just paying a bit more for a survey...... |
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helen b
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The mortgage survey assesses whether the house is worth what you're paying. It's so much more expensive to get a full structural survey that it's tempting not to get one. It's essential in my opinion....we were going to buy a Victorian semi which had been updated and looked fantastic until we got the results of the structural survey...it showed that the chimney breasts had been removed without supporting the chimney, rising damp, and that there was slight subsidence!! |
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