Updated: Sep 13, 2021
This is a question that does pop up quite regularly. The short answer is "sometimes".
Check out this clip from our recent podcast which explains it!
In most cases, the bank will not ask for a pre-purchase survey to be complete. However, there are some circumstances where they will ask for the survey to be forwarded to them before they will allow drawdown. Some of these occasions are:
If the property is old (50+ years)
If the property is in an area and built-in a year impacted by Pyrite (or more recently Mica)... In this case, they will just want to see there are no visible signs of pyrite/Mica damage.
If the property has had any extension work where there is a risk it is not up to code. For example, if the property is being sold as a 3-bed, but one of those bedrooms is a converted attic which may not comply with regulations.
But not all banks are the same and indeed some never ask for a survey.
In most cases, it will be your solicitor who is advising you to get a pre-purchase survey complete. They may even note some areas of concern for the surveyor to check out.
Regardless of whether or not you are asked for a survey, once the property is second-hand we advise to always get a surveyor to check it out. After all, you wouldn't spend 350k on a second-hand car and not have a mechanic check it out.
Why do they care?
Well, the answer is simple. If the bank are lending you several hundred thousand which is secured with the property the mortgage is for, then they want to make sure that the property is fit for purpose and not going to fall down!
Note: Never forward your survey to your broker or bank unless they have specifically asked for a pre-purchase survey, structural survey, engineers report or hour survey.
If your bank has asked you to have a survey complete, at GetHouseSurvey.ie we provided the standard Type 2 Pre-Purchase survey (SCSI standard) and our surveys have been accepted by all banks.
To book a survey, go to GetHouseSurvey.ie and click "Get Survey Now".