Seller pays for House surveys

[Golden Bear]

Personally I think that this is a great idea and the voices of dissent are mainly coming from the legal profession - no doubt acting out of self interest.

Up until today, the same valuer could be carrying out different surveys for several clients that are interested in the same property - a rip off or what?

I've been in the position in the past where after several unsuccessful bids, the thought of forking out yet more money on surveys acted as a distinct barrier - this new system should alleviate circumstances like that. At least if the seller pays for the survey then hopefully the cost of the fee can be knocked off the eventual purchase price.

The major players in the mortgage market seen happy enough to accept the concept of a "seller's survey" - but why not them all?

:confused:

[bigstu]

Personally I think that this is a great idea and the voices of dissent are mainly coming from the legal profession - no doubt acting out of self interest.

Up until today, the same valuer could be carrying out different surveys for several clients that are interested in the same property - a rip off or what?

I've been in the position in the past where after several unsuccessful bids, the thought of forking out yet more money on surveys acted as a distinct barrier - this new system should alleviate circumstances like that. At least if the seller pays for the survey then hopefully the cost of the fee can be knocked off the eventual purchase price.

The major players in the mortgage market seen happy enough to accept the concept of a "seller's survey" - but why not them all?

:confused:

I think it's a great idea too, i'm thinking of looking to buy a place soon so it should hopefully help. The one thing i was thinking though was can the survey be trusted when it's the seller that's getting it done? e.g. if there's loads of problems with the property then are they going to be reported in the survey or is the sellers solisitor likely to miss things out to enable the property to sell easier?

[Jack]

As far as I am aware the survey should / must ??? be done by a company from a list approved by the building societies – it would be more than their company is worth to try and pull a fast one.

[CropleyWasGod]

The major players in the mortgage market seen happy enough to accept the concept of a "seller's survey" - but why not them all?

:confused:

I think the issue is that, in the current climate when houses are taking a long time to sell, lenders might not be too keen to rely on a valuation that was carried out months previously. In those circumstances, I can't blame them for being cautious and asking for a further survey.

[Danderhall Hibs]

I think it's a good idea - as has been said a surveyor gets about £200 odd per survey for stoating round a house for a couple of minutes. At least they'll ony be getting it once now. :agree:

Next they need to clamp down on the lawyers - especially the ones that put complications in the way just to justify their own existence and extravagant costs.