Hi

Where currently putting an offer in on a rural property.  We have always just had a standard valuation survey on are previous properties.  We have been advised to get a full home buyers report with this being a rural property and was wondering if anyone had experience in the different types of serveys? who might me able to explain them or the pros and cons of them?

Well if you remember my story (it's now been almost 11 months and we still have not completed.......) what was turned up was that the water pipes leading to the property lay underneath 2 farmers' land, and we must get written permission from them to dig the pipes up should they ever need repairing -as we are responsible for the pipes leading from the property to the meter, and the meter is about half a mile away. SO that was one vital thing the survey turned up and something which would not have happened had it no been rural.

I think the difference is one is a valuation that tells the mortgage provider that they will be able to recoup the amount of mortgage they are lending you if you default on the mortgage - ie the property is actually worth the amount of money or more that you are borrowing and they would be able to recoup their money through selling the property if you defaulted on the mortgage.

The other is a more in depth survey that looks at not only  the basic structure but also a bit more behind the scenes and for  any potential problems that you might encounter as Goldmali has said in her post. I think you have more come back with the second survey if you encounter a problem in the future that is not picked up at the time of survey that should have been.

But it has been a long time since I last needed a survey done so perhaps someone else will have more up to date knowledge.

You have a basic valuation survey which, all they do basically, is drive to the house and make sure it is standing and that it is worth what you say.  Some valuers don't even go in the house!

The homebuyers report is the one where they come round and check very basically for structural issues and damp etc (£300 +)

The highst level is a full survey. It costs about £1000, but it covers everything.  Like the ones you see on the property programmes.  They check the foundations, structural integrity, subsidence, damp, rot, roofing structure.... everything one might need for a slightly older or run down house.  If I was you, I would get the whole hog as you are buying a rural property that may be older and more prone to damage from the elements.  You really don't need any nasty suprises on an older house.  Someone I know had to have their whole house's foundations underpinned which cost a huge amount of money.

I've just bought a modern house and I still had a homebuyers report done on it.  Just wanted peace of mind really. 

It is worth shopping around by yourself as your mortgage company may not offer you the best deal here.

Good Luck!

Edited to say: Didn't see the stuff below, so you probably know all this already :rolleyes:.  I'm too impatient sometimes!

OOh Marianne - hows the house buying saga going ? - will you finally be moved in the NewYear ?

Yvonne

Drumroll please!We had the call this afternoon. ALL PAPERS NOW PRESENT AND CORRECT! That means all that remains now is to get the money from the bank (i.e. the mortgage), the rest of the money from our bank account, hand it all over, sign the papers and it's OURS! How's that for a Christmas present?! Of course, with solicitors having long Christmas breaks it will still be a while, but I can't say I'm too worried about that now! Even allowing for money to clear etc it should definitely be in January.

WOOHOO!!! :D :D

2007 is looking brighter already ;)

Great News Marianne!!!!

Oh at long last - you must be over the moon :)

CONGRATULATIONS !!!!!! - you must be jumping for joy :D - what a fantastic start to the new year, just think of all those lovely walks in the countryside next Summer.

Remind me again where abouts will you be moving to ?

Yvonne

I won't mention the village name because it is a tiny place and don't want my address on the internet :) but it is just on the borders of South Yorks, Lincs and Notts, in between Gainsborough and Doncaster. :)

Well done :) :) You must be pinching yourself to make sure that it is really happening :)

Enjoy it :)

Daisy

Ditto what Marianne said! I bought a small holding in Scotty Land and had a full survey done...which turned up some very interesting aspects to say the least...which I was prepared to accept...but it gave me a bargaining tool and I dropped the price by a few grand! I still had to deal with things, the land etc..but it gave me a spare amount of cash for fencing, the Orchard etc LOL GET ONE DONE! They're are worth their weight in gold and if anything untoward is discovered at a later date...you have the people responsible for the survey to sue! All the best, hope it all works out! love Dawn

Get a full survey done - just not worth worrying about it.  The valuation survey is purely for the lenders peace of mind the full survey is for you.

I knew training as a mortgage advisor would come in handy one day....:)

Basic survey - before granting a mortgage a lender will carry out an inspection, a survey of the property to check it is in good condition & represented reasonable security on which to lend money.  Required by all UK mortgage lenders before offer.

Homebuyers report - more in depth version of above, will involve testing of electrics, CH & boiler, loft space etc etc..  Can normally done by same person who carried out above to save on having 2 surveys done, check with lender as price will be higher

Structural survey - widest form of inspection undertaken by a chartered surveyor, will identify all defects & is the only form of survey that if anything should go wrong post completion that you have a legal binding contract with the surveyor.  However some mortgage lenders will still insist you have the basic survey done as well.

Your solicitor will then also do various land searches which should contain a mining search, environmental search, flood plain search & local authority search - you should request sight of these before exchange, you can also view some of these yourself online.

Hope that helps!

Happy Xmas to you all! :)

Please also remember that the person doing the survey is not allowed to move anyones furniture when they are doing the survey - which the seller can use to their advantage if they know there is a problem which can be hidden!

I know of (and don't ask me how - no it wasn't me), someone who placed a wardrobe underneath the hatch into the loft so it couldn't be accessed because the chimney breast bricks in there were practically crumbling away into dust.  Also, cupboards and sofas placed along walls with some damp etc. 

The surveyor can ask if he/she can move the furniture,  but the seller doesn't have to oblige, so all the surveyor can note is that they couldn't check that particular area.

So if you get the opportunity to move anything or take a closer look when viewing houses - do so!  But IMHO go for the full structural anyway - it can save you thousands.....

Helen

Had one done in September - full structural survey. Cost £800, but was well worth it as we knew exactly what we have let ourselves in for with our house :D

Daisy

Just to add to above, when we bought our house I had no mortgage knowledge & took at face value that a valuation was all we needed ( didn't know there was any other types & was not told there was). After we bought the house we had to replace a bathroom wall & have calculated that the house needs at least £20,000 spending on it. If I had known about the more indepth surveys I would NOT have bought this house.