Q:I've always been led to believe that the survey conducted on behalf of the mortgage company is a fairly basic survey designed to spot any major problems with the house.

The valuation survey I have just had done even specifies that the report is only suitable for the purpose of deciding whether the mortgage company should lend the money or not.

Do most people go ahead with a Home Buyer's Survey or would you be satisfied with the basic Valuation Survey providing nothing major has been noted ?

My Financial Advisor says it's my call but in his experience he believes the Valuation Survey is sufficient.

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The Insider’s Guide to Winning the Mortgage Game
A:The valuation survey I have just had done even specifies that the report is only suitable for the purpose of deciding whether the mortgage company should lend the money or not.

The terms are confusing, but to my mind this is simply a valuation and, as said, it only tells the lender if the property is of a certain value to support the mortgage. Interestingly, although you pay for this valuation (via the application fee) the report is not done for you – it's done for the lender. Important as you have absolutely no recourse to the valuer if there are any major defects, not discovered until later.

Also, the valuation might not even have involved an inspection of the property. Sometimes a local EA just "drives by" the property. Sometimes, they don't even do that but just suggest what a "3 bed semi" (or whatever) in that location would possibly fetch.

If you want a report on the condition of the property you are buying, you either need a Homebuyer's Survey or a Full Structural Survey. Depending on the results, you might need other "surveys" e.g. for electrics; damp; timber etc.

Are you interested in any potential money-sucking work that the property might need? If so, then get your own survey.

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Paid Survey Depot
A:I personally would never, ever go with only a valuation survey. They are there to satisfy mortgage lenders, not to give you information on the status of your new home.

I've always had the full structural, because I live in an area of Victorian terraced houses.

At the end of the day, ￡350 (ish) when you're forking out a couple of hundred thousand on a property really isn't a lot, compared to the info you might potentially get back.

HTH
guy

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Uae Paid Surveys Database
A:go for the survey, call the company who will do the lenders basic and see how much to upgrade. we splashed out 350￡ and got 5k knocked off when things were found to be wrong. however the surveyor can over protect himself as the roof that needed replacing and required retention needs little more than a patch up for 200￡. vendors still knocked 5k off.

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Paid Survey Taker Converts 1 in 33
A:A value ation survey is the bank checking they aint lending more than the house is worth

a full structurall survey is a bloke who kicks the skirting boards pops his head in the loft and is megga insured if he gets it wrong does a full expert report on the houses condition I mean

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Paid Surveys at Home
A:Part of the answer lies in the age/type of the property and the area.

e.g. built 2 years ago, probably safe; built 150 years ago, could be all sorts wrong.

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