What does 'Survey Sent to Panel' mean when buying a property?

Find out what Survey Sent to Panel means when you are buying a property. 'What does Survey Sent to Panel mean?' plus over 150 other property related terms and jargon in plain English

Survey Sent to Panel

Straight after a vendor has accepted your offer one of the first checks you'll want to do is a physical inspection of the property by someone who knows what they're looking at - a surveyor.

If you are getting a mortgage your lender may well insist on this as a way of independently checking the value of the house or flat so they know their loan is secure - if you stop paying they can sell the property and cover your debt and costs.

There are three types of survey,

Valuation Survey - an independent company (a surveyor) will visit the property and compare it to others which have sold in the area recently to assess its value.
Homebuyers Survey - a valuation as above and some basic checks for issues such as penetrating damp.
Structural Survey - a valuation survey and an inspection of the entire building (so only really possible when buying a house rather than a flat).

A mortgage lender is usually fine with a valuation survey because it will flag any major structural issues (such as possible subsidence) anyway. This is how they organize it:

Survey sent to Panel - The mortgage lender sends out a request to a panel who farm out work to surveyors
Survey Requested - The panel ask surveyors they think are right who wants the job.
Survey Instructed - a surveyor accepts the job
Survey Booked - the surveyor arranges with the vendor or agent a date and time to carry out the survey

If you want to know all the steps and all the lingo so you can purchase a property the smart way pick up a copy of my ebook How to Really Buy a Property.

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How to Really Buy a Property

Chapter 17: The Property Buying Process in Theory

"... way lenders organise surveys mean that they can be very fast of very slow. The steps are: The lender sends the request out to a panel of surveyors. This status is known as 'sent to panel' The panel may have an umbrella organisation that receives this request. This organisation sends a..."

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What's in the book .....

Why buying property is right for some and wrong for others;
How the media have become unreliable indicators of the market;
Who makes good quality predictions for the property market (and who doesn't);
How the market works over the short term and the long term;
The difference between property bubbles and property booms;
Why it can be a good idea to buy when prices are falling;
The principles of buying a property to let and what the text books don't tell you;
Ways to get on the property ladder when it looks impossible;
How professional buyers and investors work with estate agents to get better deals;
Why you should see as many Financial Advisors as possible;
What to do before you start viewing so you don't lose your dream home;
Who the surveyor, solicitor and estate agent are really working for;
How to make an offer to get things your way;
Who to trust and who, with the best intentions, may be misleading you;
Why you should work to minimise the time between offer agreed and exchange;
Making sense of a property survey including:
- What type of survey to get and why structural surveys can be money wasted;
- Why surveyors should never estimate the cost of works;
- When rising damp, penetrating damp, subsidence, cracking, sagging roofs, bulging walls and all the other frightening things in a surveyor's report might be serious, and when they are not;
- Why asking the vendor to carry out work is not always a good idea.
Step by step guides explaining what should be happening, what can happen, and how to solve mole hills before they become mountains;
Over 140 terms in an easy to use glossary so the jargon of the property industry can be understood;
20 true stories of successes, and disasters, that real people experienced when buying a property.

.... and what's not in the book ...

Continuous commentary banging on about how great property is and that it is the only place to put your money!
Recommending businesses that I get kickbacks from.
Rewording and republishing what is available freely from most websites anyway.
Endless tales of how easy it is to buy property and profit.
Attempts to sell you some course or other product.
Blank pages and spaced out text to make the book seem bigger.