Property Surveyors

[tiggerblue10]

What do they look for and can they reduce the asking price of a property if there are any issues?

[fiction-factory]

They can't change the asking price as such but will include a valuation and details of wrok that may need doing so it can prompt buyers to reduce their offer

[tiggerblue10]

Ok. Bit of an unfair system seeing as a valuation has already been done but hey ho...just hope my house doesn't need anything doing to it.

[Buenchico]

There are several different types of survey that can be carried out. See here for an explanation:
https://www.moneyadviceservice.org.uk/en/articles/a-guide-to-homebuyer-surveys-and-costs

As F-F says, surveyors can't directly change the asking price of a property but if they're working for a potential purchaser their report might influence the offer made by that purchaser. Similarly, if they're working for a lender, their report could affect the amount that the lender is prepared to offer for a mortgage.

[woofgang]

Their report can also affect what will be offered in the way of mortgage. it depends on who commissions the report and why

[tiggerblue10]

Thanks all

[woofgang]

valuation by who tiggs? The house I live in now had been valued for sale but it wasn't until we got a survey that the (minor but costly) problems were identified.

[tiggerblue10]

Estate agent, Woof.

[jackthehat]

Estate Agents give a 'valuation' based on area/similar property prices.

Mortgage Surveyors give a valuation which informs the mortgage lender what is an acceptable figure to advance to the purchaser for the purchase of the property.

Structural/purchaser's survey should highlight potential niggles/on-going problems which the purchaser may then use to bargain for a better price from the vendor.

[tiggerblue10]

Ah ok. So there will be two surveys done?

[bednobs]

nope, not necessarily

[tiggerblue10]

I'm going to view a house on Wednesday within my price range but if my house needs anything doing to it I may need a small mortgage if I want to make an offer on this particular house.

[jackthehat]

Not necessarily on yours...BUT make sure you get a proper 'buyers' survey done on the one you are buying regardless of how you will be paying for it! :o)

[tiggerblue10]

Yes, definitely will do JTH :o)

[woofgang]

Tiggs it sounds to me as though a read of buenchico's link would be useful? Surveys are not all the same, you get less in a buyers survey than in a full structural survey....its cheaper but you take more of a risk

[tiggerblue10]

I've had a quick read and think I understand it a little better now. One survey to be done depending on what survey the buyer opts for and when property was built. I think mine is a 1930s build.

[jackthehat]

If *your* buyer decides that they want to pay for a full Structural/buyers survey, this will be in addition to the one carried out by the Mortgage company Surveyor. They may not have a mortgage and so not need one of those....but they would, I hope, want the Structural Surveyor to cast his/her eye over it.

[woofgang]

The company who will give you a mortgage if you need one may also require a survey depending on how much you want to borrow. If the loan is a tiny one and its obvious that the house is worth a lot more than you are asking to borrow then they may not bother, their only concern is if you default will the forced sale price get them their money back?

[tiggerblue10]

I will get to grips with this at some point. As you can see I'm new to the buying and selling of properties and there is so much to take into consideration.

[AuntPollyGrey]

Woofgang , a mortgage company always askes for a survey, without exception. My daughter bought her property with a loan to value of 15/85 and still needed one. They need to know that the property is structurally sound and there are no underlying issues.

[AuntPollyGrey]

Tigger -simply put, surveyors have nothing to do with reducing an asking price other than finding things in the home that are potential risks or potential costs to the buyer ie no felt on rooves, structurally unsound.

as a buyer you should seek a survey if you are not getting a mortgage - if you are getting a mortgage the mortgage company will organise a survey.

as a seller, you should expect at least a survey from the buyers mortgage company, or a survey privately instructed. Often buyers will use this survey to try and get the price down -sometimes its legitimate , such as if the surveyor finds something wrong ,sometimes its just an excuse and its up to you as the seller what to do in these circumstances.