When buying a property, is it cheaper to pay for a survey by a surveyor recommended by yur mortgage lender?

Question

or would you save money by arranging for one to be carried out by a surveyor advertising on the internet? I just want a home buyers report, not an in-depth survey.

Patti T, the seller definitely doesn't pay for the syrvey or homebuyers report! Not in the UK at any rate!

Answer 1

the mortgage company will insist on using their own anyway

Answer 2

I completely disagree with Kernow Ladies answer. If you are having a valuation the surveyor's duty is to establish the value of the property to ensure it is worth what you want to borrow. If you are having a more detailed survey the surveyor still needs to do this, but he is also working for you to identify any physical defects in the property. But the "value" of the property to you includes many factors other than the physical property itself. The location and area are part of this. While the "letter of the rules" might not require the surveyor to highlight these things, the spirit does, as does general human morals (the same goes for your solicitor and anyone else involved in advising you). Obviously you don't just take his word for it, but you should do some more investigation. But you should remember that the surveyor spends his whole time looking at properties. He probably sees all the things that go on and has a good knowledge of what different areas are like. He may well have surveyed houses owned by families who are moving away because they can't stand the area any more.

Answer 3

It really isn't a very good idea to shop surveyors by price. The cheap ones usually do so many in a day that they can't possibly be doing them correctly or even within legal standards. Usually, a title company or closing agent uses a certain surveyor because they are the least expensive. It is very important to have a correct survey. The lender and title insurance companies require a survey to verify improvements and to make sure that there are no physical or legal encumbrances on the property's title.

Answer 4

It is rare that a mortgage broker will add anything to this fee and in fact may be getting a discount for you based on the regular business he does with the surveyor. It will also insure they get the report from an approved surveyor. Let the mortgage lender handle it.

Here is some additional info. Hope this helps.

Answer 5

Quite possibly not. Your mortgage lender may well get paid a commission or introduction fee by the surveyor in return for the recommendation. Shop around - and if your mortgage lender has a "non-approved surveyor" fee (or similar) make sure you include that in your costs!

Answer 6

Call around and get pricing from surveyors. They are often cheaper and faster than the one recommended by the mortgage lender. Also, see if there is a licensing board in your state that will allow you to see if they have complaints lodged against them.

Answer 7

a home buyers report and a survey are two completely different things. I would beware of anything the mortgage lender recommends though because they may get kickbacks for recommendations. I wouldn't bother surveying until you decide to buy, then the home seller usually has a survey done.

Answer 8

I recently purchased a flat, and my solicitor delt with all surveys and such. But I know it was the mortgage lenders who did the final survey. Mind you, it was a new build, so not sure if that makes any difference to what surveys need to be carried out!

Answer 9

i used the mortgage company's own only because it was quicker and all in house so eaiser too
think it cost £160 and that was 2 months ago

Answer 10

I've found its not much cheaper, they all charge a similar sort ofrate. They all say the same thing as well, there such a pain

Answer 11

Go independantly. They could be in it together and you may get the wrong advice. Look up yellow pages and select three and whoever you think sounds the most honest, go for it.