Buying Property ? Survey Fees & Bidding ?

[Csaba's Broon Shoes]

Thinking of buying a house in polwarth Edinburgh and it's been a good few

 

years since i last dealt in the housing market .

 

However how much are building survey fees these days , is it only the

 

winning bid that has to pay this ?

 

How much over the asking price do you have to go also ?

 

Any advice , tips ?

 

Any good estate agents ?

[Domokun]

However how much are building survey fees these days , is it only the winning bid that has to pay this ?

Yes, you will only need to undertake any sort of survey if your offer is accepted. The survey will be undertaken before the legal missives are completed. (So you've got a get-out clause if the place is ****e)

 

I saw on the news recently that, as of a certain date, the least you will have to do is a Homebuyers Report. I'm not sure when this will be implemented or if, indeed, it already has been.

 

There are 3 kinds of "survey" you can/could get.

 

1. Limited Inspection - This is/was the most basic inspection of a property required by banks and building societies. It deals primarily with the value of the property in its present condition. It will assess the current state without removing furniture or carpets and the exterior condition of the main components visible from ground level within the site or publicly accessible areas.

 

2. Homebuyers Report - This is a much more detailed inspection designed to give the purchaser useful information in a user-friendly format. A valuation is provided.

 

This will go into greater depth than the 1st type of survey. This will include such things as an overview of the market value and future marketability. It will include notes on safety and maintenance matters. It will include any matters which may invoke legal issues (boundary anomalities for example). It will basically include any matter which may need action or investigation before any legal commitment to buy is made. If I were buying a house, this is the one I'd go for.

 

(The only reason I would get the 3rd and most detailed survey is if I were buying a run-down place at auction or if the house was over a certain value, maybe ?1M, or of considerable size (mansion) or of unusual style, or age.)

3. Building survey - An in depth report which will advise on fundamental (structural) defects and any legal implications they may have. Any additional investigations such as drainage inspections or internal structural inspections may be called for prior to legal commitment to purchase.

 

The costs for each will roughly be

 

1) around ?50-100 for a limited inspection.

2) around ?250-500 for a Homebuyers report

3) How long's a piece of string? Can vary enormously. Start off at around ?1000ish but depending on the additional inspection works (digging channels to inspect drainage, testing wall cavities etc) can run up into the ?1000s.

 

How much over the asking price do you have to go also ?

Depends on many things. Depends on area, of course. Depends on what the seller will accept. The agent of the seller can sometimes give you an idea of what kind of offer will be accepted. Generally, in East Central Scotland as a whole, properties are going at between 5-20% over. May be more or less dependant on the factors listed above, and more.

 

Any good estate agents ?

I was considering it.......Sorry don't have much dealings with them. I'm sure someone else will be able to point you in a decent direction.

 

Hope this helps a bit.