I want to buy a brand new house on a development near Newport but as money is so tight I think I will do without an independent survey and rely on the one produced by my Lender. Is that likely to be OK?
The report which you will obtain with your mortgage offer will be a Valuation Report unless you have specifically requested a more comprehensive or Homebuyer’s Survey. There is a third survey which is a full structural survey which, of course, is unnecessary in the case of a brand new property.
In the case of a brand new property the Valuation Report should be sufficient as the new build will be supported by an NHBC 10 Year Guarantee or similar Certificate which covers you during the first 10 years of the property against major structural defects.
A further reason for accepting a Valuation Report in the case of a brand new property is that the property will in most cases be in the course of construction and therefore it would be inappropriate to commission a more comprehensive survey.
In the case of all other properties over 10 years old, I would strongly recommend you get a Homebuyer’s Survey.