Valuations and Surveys

Mortgage Valuation

When you get a mortgage, the Lender will commission a Mortgage Valuation, which you pay for. This is compulsory and the mortgage cannot go ahead without it.

This is not a survey, it is more like a “risk assessment” to see if the property is suitable security for the mortgage loan. Often Mortgage lenders do not even send a copy of the report to the customer.

If you would like a proper survey to be carried out on the property you wish to buy, there are 2 options:

HomeBuyer Report

The HomeBuyer Report is generally for conventional, newer homes, which are in reasonable condition. It is the most frequently undertaken survey which provides a more in depth report of the condition of the property and will give you professional advice to allow you to make an informed decision of whether to go ahead with buying a property.

The HomeBuyer Report will spotlight urgent matters that have a substantial effect on the value of the property and need attending to or further investigation. It will include all major sections of a property that are visible to the surveyor, so they will not lift up floors or carpets and wiring will not be included.

HomeBuyer Reports are completed by RICS Chartered Surveyors. Your lender can arrange for the Mortgage Valuation and HomeBuyer Report to be done at the same time by the same Surveyor, but buyers often commission their own Independent Surveyor to carry out the HomeBuyer Report separately to the Mortgage Valuation.

Building Survey

A Building Survey is a wide-ranging inspection of a property. It is the most comprehensive of the surveys available for residential properties and will provide a detailed evaluation of a property’s condition.

The report will describe the condition of each element of the house and suggest which aspects are of concern and would need further investigation.

Building Surveys are also conducted by Chartered Surveyors and are usually regulated by RICS, who set the guidance for surveyors and therefore ensures that the advice you are getting is independent, expert advice from appropriately trained professionals.

• Building Surveys are suitable for all properties, but they are particularly appropriate for:
• Listed Buildings – a building that is on the Statutory List of Buildings of Special Architectural or Historic Interest
• Older Properties – recommended for properties over 50 years old
• Buildings constructed in an unusual way, regardless of age
• Buildings that you intend to renovate or change
• Buildings that have already been renovated or significantly altered

A Building Survey examines all accessible elements of the property and the surveyor will actively search for any structural problems or defects – they are legally obliged to inform of all problematic defects within the final report.

You can request that certain areas are included to cover particular concerns that you may have about the property. As Building Surveys don’t tend to have a standard format, the Surveyor is able modify a Building Survey to your needs.

For more information contact us or speak to an adviser on 01628 507477.