Surveyors report - does the bank give you this?

Supercell

Once you have agreed to a price to buy a place with the agent the next step I think is to organise solicitors and a survey?

When you tell the bank you want to buy a place my understanding is that they will send out a surveyor to check it out, which you have to pay for.
So will they give you the report, or is it advisable to pay for a second surveyor yourself? I'm a little confused about that aspect of it all.

Thanks.

DonJose

I bought a house in 2009 and I had to go and find an engineer to survey the house, a copy of the report was sent to me and to my bank.

D3PO

you organise your own survey

Supercell

DonJose wrote: »

I bought a house in 2009 and I had to go and find an engineer to survey the house, a copy of the report was sent to me and to my bank.

D3PO wrote: »

you organise your own survey

Hmm, maybe I am getting confused here, does the surveyor also value the house too, or is that something different again ?

DonJose

Supercell wrote: »

Hmm, maybe I am getting confused here, does the surveyor also value the house too, or is that something different again ?

A third party real estate agent should be able to place a value on the property. The engineers job is make sure the house is structurally sound.

Aye Bosun

The bank send a evaluator to house to value premises, if they feel that the price you are paying it too much then they will not loan you the money, I got it done with BOI about 3 months ago and it was €130 and is a condition of the loan.

You must arrange your own surveyor, who will carry out a detailed engineers report on the premises, this costs about somewhere between €300-400 depending on who you go with.

If you need anything else, just holler, I have just bought my house about 1.5months ago, so I'm pretty up to date on the process!

Supercell

Aye Bosun wrote: »

The bank send a evaluator to house to value premises, if they feel that the price you are paying it too much then they will not loan you the money, I got it done with BOI about 3 months ago and it was €130 and is a condition of the loan.

You must arrange your own surveyor, who will carry out a detailed engineers report on the premises, this costs about somewhere between €300-400 depending on who you go with.

If you need anything else, just holler, I have just bought my house about 1.5months ago, so I'm pretty up to date on the process!

Thanks Aye Bosun, that clarifies it a lot for me!
Our mortgage approval is with BOI too so we should go through the same process as you did. I assume BOI sent their own evaluator rather than ask you to organise that?

The place we are hoping to buy is in Dublin, was yours too and if so maybe you could PM me the name of the surveyor? (sometimes the mods are not happy with people putting business recommendations in public posts)

Aye Bosun

Just PM you!

Ray Palmer

Aye Bosun wrote: »

You must arrange your own surveyor, who will carry out a detailed engineers report on the premises, this costs about somewhere between €300-400 depending on who you go with.

They aren't that detailed. It is pretty flimsy report and will uncover relatively few issues and what they don't find could be quite substantal.

Victor

There are two reports:

1. Valuation - estate agents and auctioneers would be the best people for this, although some surveyors will be able to do it also. It specifies what the property is currently worth on the open market. Given the lack of sales at the moment, this may be difficult to determine. In fact, certain parts of the property market don't really have an open market at the moment. This can often be done as a "drive by" report.

2. Condition survey (existing building) / snag list (new building) - the best person to do this is a building surveyor, who can provide a holistic report. Other surveyors, engineers or architects will concentrate on their own speciality and may be appropriate to certain buildings. The idea is to determine the major faults in the building that would fundamentally compromise it. It won't find every last problem with the property. Access to all rooms would be required and 4-8 hours work would be typical.

Both people doing the reports would need to be pre-approved by the bank (they keep lists). However, it is up to the purchaser to select and pay the individuals involved.

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Supercell wrote: »

The place we are hoping to buy is in Dublin, was yours too and if so maybe you could PM me the name of the surveyor? (sometimes the mods are not happy with people putting business recommendations in public posts)

We don't mind recommendations so much once they come from established users. Joe Bloggs (not his real name) signing up and posting in his first post things like "John Doe is awesome, his number is 086 1235467" (spam) or "John Doe ripped me off" (defamation) aren't acceptable.

therightangle

Victor wrote: »

Both people doing the reports would need to be pre-approved by the bank (they keep lists). However, it is up to the purchaser to select and pay the individuals involved.

My understanding is that the building surveyor/engineer is the purchaser's own business for the majority of situations and does not have to be on any list. As the lists are primarily of valuers, this makes sense. If a purchaser manages to find a suitably qualified engineer on a particular list, then they could use that person for both reports if they so wish.

The above has been confirmed to me by 3 of the main banks in the last few weeks. Exceptions can arise where the property is very old or it is a self-build. In that case, the bank may stipulate that an engineer from their list is used.

Victor

therightangle wrote: »

My understanding is that the building surveyor/engineer is the purchaser's own business for the majority of situations and does not have to be on any list.

List may be the wrong way to state it. If the bank want a condition or structural survey, the person doing it needs to be to a standard approved by the bank. Once approved by the bank, peeople tend to stay approved for a period of time.