Most basic house survey in current market
Discussion
A 50% mortgage? I don't think it would be a problem then, because the mortgage company are looking to cover their "investment" so even if property plunged by 50% your house would still be worth what they lent you in the event you default.
Give the mortgage co. a quick ring and see what they say. A surveyor will have no problems doing the survey I reckon.
Give the mortgage co. a quick ring and see what they say. A surveyor will have no problems doing the survey I reckon.
scotal said:
Depends entirely on the lender. Soem will still do a desktop, some will do a driveby, some will do a 5 minute walkround. Its not (as I understand it) up to the surveyor, its up to the lender.
Treat it as you would a viewing for a prospective sale.
okily dokily. scotal YHMTreat it as you would a viewing for a prospective sale.
Surveyor here...............sitting on arse.......nothing to "drive by"
A normal mortgage valuation inspection is basically the same whether or not the house is being purchased or re mortgaged. Essentially for the lender it's the same: one minute they don't have the house as security for a loan...the next they do.
This type of inspection takes about 15 to 30 minutes depending on the flat/house and we will always go inside, check out all the rooms and look in the loft where possible.
If the loan to value ratio is low then the lender may ask for a drive by. Lots of main stream lenders do this even after the troubles we are going through. That is exactly what it sounds like. The valuer cannot however give a drive by valuation unless he knows the area really well and the house is exactly as described on our instruction. In these circs. we will upgrade the job to a full valuation.
A "homebuyers" is a far more detailed inspection completed (you've guessed it) for the homebuyer. The lender will not get a copy. It has much more detail and includes a valuation. It can be done at the same time as a valuation for the lender which saves the customer money.
No matter what you pay a major lender for your Mort. Valn or Homebuyers, we only get a fraction of it. especially Mort Vals. You may pay £300 and I will get £90.
A normal mortgage valuation inspection is basically the same whether or not the house is being purchased or re mortgaged. Essentially for the lender it's the same: one minute they don't have the house as security for a loan...the next they do.
This type of inspection takes about 15 to 30 minutes depending on the flat/house and we will always go inside, check out all the rooms and look in the loft where possible.
If the loan to value ratio is low then the lender may ask for a drive by. Lots of main stream lenders do this even after the troubles we are going through. That is exactly what it sounds like. The valuer cannot however give a drive by valuation unless he knows the area really well and the house is exactly as described on our instruction. In these circs. we will upgrade the job to a full valuation.
A "homebuyers" is a far more detailed inspection completed (you've guessed it) for the homebuyer. The lender will not get a copy. It has much more detail and includes a valuation. It can be done at the same time as a valuation for the lender which saves the customer money.
No matter what you pay a major lender for your Mort. Valn or Homebuyers, we only get a fraction of it. especially Mort Vals. You may pay £300 and I will get £90.
Easy_Targa said:
Surveyor here...............sitting on arse.......nothing to "drive by"
A normal mortgage valuation inspection is basically the same whether or not the house is being purchased or re mortgaged. Essentially for the lender it's the same: one minute they don't have the house as security for a loan...the next they do.
This type of inspection takes about 15 to 30 minutes depending on the flat/house and we will always go inside, check out all the rooms and look in the loft where possible.
If the loan to value ratio is low then the lender may ask for a drive by. Lots of main stream lenders do this even after the troubles we are going through. That is exactly what it sounds like. The valuer cannot however give a drive by valuation unless he knows the area really well and the house is exactly as described on our instruction. In these circs. we will upgrade the job to a full valuation.
A "homebuyers" is a far more detailed inspection completed (you've guessed it) for the homebuyer. The lender will not get a copy. It has much more detail and includes a valuation. It can be done at the same time as a valuation for the lender which saves the customer money.
No matter what you pay a major lender for your Mort. Valn or Homebuyers, we only get a fraction of it. especially Mort Vals. You may pay £300 and I will get £90.
that's great - the sort of info i was after. many thanks.A normal mortgage valuation inspection is basically the same whether or not the house is being purchased or re mortgaged. Essentially for the lender it's the same: one minute they don't have the house as security for a loan...the next they do.
This type of inspection takes about 15 to 30 minutes depending on the flat/house and we will always go inside, check out all the rooms and look in the loft where possible.
If the loan to value ratio is low then the lender may ask for a drive by. Lots of main stream lenders do this even after the troubles we are going through. That is exactly what it sounds like. The valuer cannot however give a drive by valuation unless he knows the area really well and the house is exactly as described on our instruction. In these circs. we will upgrade the job to a full valuation.
A "homebuyers" is a far more detailed inspection completed (you've guessed it) for the homebuyer. The lender will not get a copy. It has much more detail and includes a valuation. It can be done at the same time as a valuation for the lender which saves the customer money.
No matter what you pay a major lender for your Mort. Valn or Homebuyers, we only get a fraction of it. especially Mort Vals. You may pay £300 and I will get £90.
briSk said:
Jasandjules said:
I should imagine they will if the house is say less than 20 years old.
say it was a house built in the 30s and the buyer has half the money... what would you expect the surveyor to do then..?
You will seldom (if ever) have a "desk top" or "drive by" carried out on a purchase. The surveyor owes a duty of care to the applicant and he cannot exercise that where the buyer is taking on a new (to them) house without looking at it properly. A home owner having a remortgage already knows the house and it's defects or advantages.
You could well have a drive by on a 1930's house with a 50% loan to value.
You could well have a drive by on a 1930's house with a 50% loan to value.
Easy_Targa said:
You will seldom (if ever) have a "desk top" or "drive by" carried out on a purchase. The surveyor owes a duty of care to the applicant and he cannot exercise that where the buyer is taking on a new (to them) house without looking at it properly. A home owner having a remortgage already knows the house and it's defects or advantages.
You could well have a drive by on a 1930's house with a 50% loan to value.
that is true, drive bys are almost exclusively remortgages.. I have had a few purchase deals back in the heady days of 06/07 go through on the back of drivebys though.. C&G instructed connells a few times on high end stuff You could well have a drive by on a 1930's house with a 50% loan to value.
I must say, the flak I have had when the customer finds out a lender has taken £400 for the surveyor to not even go inside the property is not fun! try explaining that one without having to say "I know it's a rip off but you still have to have it done" 
...it's the same when explaining why they can't have a copy of the val (some lenders still do this) "look, I KNOW you paid for it, but it's NOT YOURS it's for the banks benefit!" is quite hard to get across.. while appearing a reasonable person
Edited by minimax on Wednesday 22 October 14:12
true..We sometimes drive by a property where the borrower is having ...problems........Your lender is just checking whether there would be anything left in it for them if they were to re possess.
Once they are in possession the surveyor has to go in and tip toe through the excrement, cat flees bailiffs notices and broken furniture. I regret that you can't "drive by" these.
Beware slow moving family saloons outside your house
Hi Minimax sounds like we are in (or out!) of a similar business. I have done lots of C&G work but never a drive by on a purchase. But then I don't work for Connells (well not directly anyway)
Once they are in possession the surveyor has to go in and tip toe through the excrement, cat flees bailiffs notices and broken furniture. I regret that you can't "drive by" these.
Beware slow moving family saloons outside your house
Hi Minimax sounds like we are in (or out!) of a similar business. I have done lots of C&G work but never a drive by on a purchase. But then I don't work for Connells (well not directly anyway)
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