Valuations and Surveys
The Mortgage Valuation
The mortgage valuation is solely for the lenders purposes so that they can be satisfied that the property provides sufficient security for them to lend.
They will normally provide you with a copy of the valuer’s report. In instances where the lender is providing a fee assisted mortgage (for instance on a remortgage) and are refunding or paying the cost of the valuation, you may not receive a copy of the valuation report.
Even if you receive a copy of the valuation report, please remember it is NOT A SURVEY and does not give any indication as to whether the property is worth what is being paid for it, nor does it provide a list of any repairs that may be needed.
We would strongly recommend that you obtain a more detailed inspection of the property. There are two types available, a HomeBuyer Report and a Building Survey.
Most lenders can arrange to carry out a HomeBuyer Report for you at the same time as the mortgage valuation (the alternative is that you arrange this separately yourself where you would have freer choice of the surveyor used).
Presented in a standard format, it is designed to focus on defects and problems which are considered urgent or significant. A HomeBuyer Report is suitable for properties which are of standard type and construction and appear to be in reasonable condition but where the client wishes to have an overview of the general condition of the property and its value.
This type of survey is suitable for all types of residential properties and, in particular, for period properties, those with extensive accommodation or those in a particularly poor state of repair although it can be done for any type of residential property.
It is tailored to your requirements but will be very detailed, covering all defects whether major or minor. There is no standard or scale fee for a Building Survey but the cost will be significantly higher than for a Homebuyer Report.
Although in most cases, the cost does not include a mortgage valuation, it is possible to arrange for both to be carried out together (although we would generally recommend speaking to a few surveyors and arranging the building survey separately).
You will pay the lender for the Standard Mortgage Valuation (unless the lender is providing this free) and pay the valuer the cost of the Building Survey direct too.
Before the valuer carries out the Building Survey, he/she will contact your client to discuss the scope of the inspection and the cost.