Mortgages

[Bold Seagull]

That's what a basic survey does, yes. A basic survey is only to satisfy the lender that the house is at least worth what they're lending you. I'm having a full survey, so should something arise later, which should have been spotted in my full survey, but wasn't, then I can ask some very serious questions of the surveyor/possibly even start legal proceedings if the miss was obvious and substantial enough to warrant negligence.

Your detailed survey is undoubtedly a valuable tool in identifying what might need to be done, or what could happen so that you can make an informed offer accordingly, and plan any expenditure that might be required on the property.

I agree you might have recourse in tort to claim damages against the surveyor for not spotting a potential defect, but I'd suggest this is not really protection in the sense of a warranty or insurance, given the negligence would need to be proved in court. This liability would last 6 years under the Limitation Act.

In terms of alleviating other potential issues, it's also worth getting in a wall tie company, timber expert like Bensleys for the loft, damp proofing company - to come in, most of whom will quote for free, and if reputable enough, won't identify something that isn't there, to supplement the full detailed survey.

 

[Bozza]

Your detailed survey is undoubtedly a valuable tool in identifying what might need to be done, or what could happen so that you can make an informed offer accordingly, and plan any expenditure that might be required on the property.

I agree you might have recourse in tort to claim damages against the surveyor for not spotting a potential defect, but I'd suggest this is not really protection in the sense of a warranty or insurance, given the negligence would need to be proved in court. This liability would last 6 years under the Limitation Act.

In terms of alleviating other potential issues, it's also worth getting in a wall tie company, timber expert like Bensleys for the loft, damp proofing company - to come in, most of whom will quote for free, and if reputable enough, won't identify something that isn't there, to supplement the full detailed survey.

*cough* Get drawing *cough*

 

[Bold Seagull]

*cough* Get drawing *cough*

I'm posting with my other hand!

 

[SK1NT]

I personally would always fix for 5 years... the base rates are only going to go one way. If anything it gives you piece of mind at an uncertain time.

@UncleSpielberg is the man on the matter though. Currently got my second mortgage going through with him. Get the best rates off him.

During this remortgage the value of the flat has gone up by about 50k over the last 3 months... madness. Although we bought at the peak of house prices in 2007 nice to build up some equity.

 

[Beach Hut]

I think it is down to each lender. Some welcome discussion and some do not. I have recently released some equity from mortgage I have with Saffron Building Society. We were initially stopped in our tracks when it emerged that Frau Tubthumper had a black mark on her credit rating due to indentity theft; we only realised this when we applied for the mortgage. Research showed this is a show-stopper. We reported the fraud to the police and the bailiffs and talked to the underwriters.....and crucially demonstrated it was clearly not us. Saffron were quite cool about it and after further discussions they waived the lending through. I have heard other lenders operate a more "computer says no" approach and would need the black mark removed before proceeding; it took us 6 months to get Frau's credit rating back to normal.

That happened to Mrs Hut, a few years back we were adding to our mortgage to do windows and Mrs Hut had a CCJ against her which she was totally oblivious to. Turns out that where we used to live some company sent a catalogue there and the people who had purchased the hose from us decided to buy loads of goods in her name and not pay for them.

After a couple of calls and proof my wife changed her name when we married she was very quickly and probably sadly back in the land of credit.

 

[Biscuit]

Your detailed survey is undoubtedly a valuable tool in identifying what might need to be done, or what could happen so that you can make an informed offer accordingly, and plan any expenditure that might be required on the property.

I agree you might have recourse in tort to claim damages against the surveyor for not spotting a potential defect, but I'd suggest this is not really protection in the sense of a warranty or insurance, given the negligence would need to be proved in court. This liability would last 6 years under the Limitation Act.

In terms of alleviating other potential issues, it's also worth getting in a wall tie company, timber expert like Bensleys for the loft, damp proofing company - to come in, most of whom will quote for free, and if reputable enough, won't identify something that isn't there, to supplement the full detailed survey.

That's a great tip, thank you,

 

[Biscuit]

I personally would always fix for 5 years... the base rates are only going to go one way. If anything it gives you piece of mind at an uncertain time.

@UncleSpielberg is the man on the matter though. Currently got my second mortgage going through with him. Get the best rates off him.

During this remortgage the value of the flat has gone up by about 50k over the last 3 months... madness. Although we bought at the peak of house prices in 2007 nice to build up some equity.

Fixed for 5 years sounds ideal at the moment. Unfortunately I can only get the deal that works for me fixed for 2 years. Annoying.

 

[Herr Tubthumper]

I agree you might have recourse in tort to claim damages against the surveyor for not spotting a potential defect

From my experience there is always some caveat at the end of the survey which protects them. If there is clear negligence which you can prove then you will get damages. Otherwise you will just have to accept that a surveyer is human and might not spot every issue.

In terms of alleviating other potential issues, it's also worth getting in a wall tie company, timber expert like Bensleys for the loft, damp proofing company - to come in, most of whom will quote for free, and if reputable enough, won't identify something that isn't there, to supplement the full detailed survey.

I will say the opposite. I needed a feasibility and costing for a project some years ago and I went for a chartered surveyor who had knowledge of these areas and no interest in quoting for any work. I simply paid him his hourly rate to come and look and write me a document. Specific companies will have a vested interest and might tell you what you want to hear. My method provided what I feel was a more objective assessment.

 

[Bold Seagull]

I will say the opposite. I needed a feasibility and costing for a project some years ago and I went for a chartered surveyor who had knowledge of these areas and no interest in quoting for any work. I simply paid him his hourly rate to come and look and write me a document. Specific companies will have a vested interest and might tell you what you want to hear. My method provided what I feel was a more objective assessment.

That is a bit different from being in the offer period of buying a house. Having the wall ties, damp and timberwork checked by companies who will quote for remedial works is a good supplement to a full survey (certainly not a substitute for it). The quotes can then be a handy negotiating tool as well as giving you an idea of costs you may or may not proceed with later.

 

[Herr Tubthumper]

That is a bit different from being in the offer period of buying a house. Having the wall ties, damp and timberwork checked by companies who will quote for remedial works is a good supplement to a full survey (certainly not a substitute for it). The quotes can then be a handy negotiating tool as well as giving you an idea of costs you may or may not proceed with later.

My point is that I feel it is preferable to get verdicts from companies or individuals with no interest in undertaking the work.

 

[SK1NT]

Fixed for 5 years sounds ideal at the moment. Unfortunately I can only get the deal that works for me fixed for 2 years. Annoying.

I have heard this before for people getting a first time mortgage... @UncleSpielberg may be able to find a 5 year fixed deal for you...

 

[Bold Seagull]

My point is that I feel it is preferable to get verdicts from companies or individuals with no interest in undertaking the work.

Of course, and also good advice to get some free quotes running along side those verdicts, I did say 'to supplement' in my original post...

 

[Arthritic Toe]

I had the full structural survey on my house. I got a 32 page document describing the blatently obvious (e.g there is no banister on the stairs) and completely missing the incredibly important (e.g the dry rot, that cost me ten grand to sort out a year later). They were covered by caveat of course - they couldnt see the dry rot due to the dry-lining.

Surveys are a complete waste of money. Next time I will just be getting the cheap valuation.

 

[Bad Ash]

I once got a home buyer survey which, was the middle one offered between the valuation report and the full structural survey. It cost somewhere around £400. Reading the report it seemed obvious that it was written following a standard template with probably less than half an hour at the property (backed up by the estate agents who told us how long they'd borrowed the keys for).

There were plenty of things that they could not see or determine, and basically they made lots of comments to cover their back and make no real committed statements. For example they reported that they could not find the water stopcock. This was under the kitchen sink, one of the obvious places to look.

We wrote back to them ripping apart the report and got a full refund.

 

[Arthritic Toe]

...
For example they reported that they could not find the water stopcock. This was under the kitchen sink, one of the obvious places to look.
...

I had that one too

 

[brighton bluenose]

Your detailed survey is undoubtedly a valuable tool in identifying what might need to be done, or what could happen so that you can make an informed offer accordingly, and plan any expenditure that might be required on the property.

I agree you might have recourse in tort to claim damages against the surveyor for not spotting a potential defect, but I'd suggest this is not really protection in the sense of a warranty or insurance, given the negligence would need to be proved in court. This liability would last 6 years under the Limitation Act.

In terms of alleviating other potential issues, it's also worth getting in a wall tie company, timber expert like Bensleys for the loft, damp proofing company - to come in, most of whom will quote for free, and if reputable enough, won't identify something that isn't there, to supplement the full detailed survey.

Why would someone have a claim in tort when there would be a contract in place that defines the limit of the survey whether it is just a Homebuyers Report or a full structural survey?

 

[The Maharajah of Sydney]

After Carney spoke on Thursday about the BoE possibly raising rates sooner than markets expected,
Deutsche Bank have today brought forward its forecast for the first Bank of England rate hike by 6 months to November from May. Beyond that, they expect a further 75 bps tightening in 2015, bringing the rate to 1.50% by the end of next year.