Q: Hi all, for starters, this is a great site!
Im looking for advice about my current situation, which is that I am buying a house for 200K and I will borrow another 100K savings 100K.
The is my life, it is a shame I was introduced to wine, women and song on an early age, I probably would have bought it outright otherwise 
Im looking for advice on anything really, but the thing on my mind at the moment, should I pay extra for a home buyers survey for the house only 8 years old, Ive seen it twice and it seems to be immaculate.
I will use the Yorkshire Building Society (http://www.ybs.co. uk / mortgages / current_products / fixed_rates.jsp) on a 5 years fixed rate.
My concern is that because Im only lend 50% LTV (Loan to value) they will even bother to send someone to the home value?
Cutting a long story short and I will spare you all the gory details, Im almost “cheated” on my last trip to the country well due to a dodgy survey which was a home buyers survey.
To an upgrade of the basic valuation survey (free with the mortgage) to a home buyers survey will cost ￡ 200 approx.
The mortgage brokers and people have said that a fundamental valuation will be all that is needed, but I thought I throw the question to you would you do all.
What in my position?
Also the Yorkshire Building Society, has an ownership (http://www.ybs.co.uk/conveyancing/index.jsp?source=text_banner) service, which saved me ￡ 200, certainly a look.
This service is probably well known about, but I only found out today they have so that others could benefit from it.
Anyway thanks in advance for all concerned comments.
Kind,
guy.
A:The house is only 8 years old ! I would stick to the basic survey
Good point – I missed that
A:The house is only 8 years old ! I would stick to the basic survey, and spend my ￡200 sovvies on…………………….
wine, women and song.
A:should I pay extra for a home buyers survey for the house which is only 8 years old, I've viewed it twice and it appears to be immaculate.
Do you consider yourself as the "trained" or "untrained" eye? How would you feel if you bought it and then found some problem costing ￡000s to repair?
The main reason for having a survey is so that you know exactly what you're buying and, possibly, whether or not you are paying a fair price, given the condition of the property.
I will be using the Yorkshire Building Society (http://www.ybs.co.uk/mortgages/current_products/fixed_rates.jsp)on a 5 year fixed rate.
My concern is that because I'm only borrowing 50% LTV (Loan To Value) will they even bother sending someone to value the house?
Yes they will. They will want to know that they are lending 50% of x and not 100% of y.
Cutting a long story short and I'll spare you all the gory details, I very nearly got 'shafted' on my last trip to property land due to a dodgy survey which was a homebuyers survey.
To upgrade the basic valuation survey (free with the mortgage) to a homebuyers survey will cost ￡200 approx.
The mortgage people and the estate agents have said that a basic valuation will be all that's needed, but I thought I'd throw the question out to you all.
What would you do in my position?
It doesn't really matter what we would do – you have to go with what will give you peace of mind. If you went ahead without an independent and experienced opinion on the condition of the property, would you be happy to find out later that you really need … a new damp proof course? A new roof? :confused:
If you can take these things "on the chin", should they arise, then forego the survey – but it is generally considered to be a "bad idea" to have no survey at all.
The valuation is just for the lender – it tells you nothing about any potential problems. Having said that, surveys often insist on you getting other "specialist" reports – it's an overview of the condition, not a full, detailed inspection.
I am shocked the mortgage people said to have just a valuation, the mortgage lenders handbook states that they should recommend a survey.
A survey will detect problems which you are not trained to see, when having a survey, I think the average person saves £2000 off the asking price.
Also if its 8 years old, there may be a NHBC insurance policy, which can cover putting defects right.
Also I hate to say it, but some houses build in the last 10 years are very appalling in construction standards.
It may look good, but why are you trying to save a few hundred pounds on a 200k property.
And why would your advisors suggest you save this money, they don’t care about you, makes yo wonder ?, eh.
If you want a good home condition report look at the Residential Property Surveyors Association, rpsa.or.uk – they can arrange one with £20 K insurance cover, in case something is missed, this is separate to PI cover etc.
Or go to SAVA – Surveys and Valuers Accreditation at nesltd.co.uk, find a HCS surveyor in your area.
Best of Luck
Andrew McColl
Link | September 5th, 2010 at 2:07 am