Home Valuations & 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. Sometimes the cost of the home valuation cost is covered by the lender.
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, although on some occasions they may still provide you with a copy of the valuer’s report.
Whether you receive a copy of the lenders valuation report or not, 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 Homebuyers Valuation or Homebuyers Report and a Home Building Survey.
Most lenders can arrange to carry out a Homebuyers Report for you at the same time as the mortgage valuation (the alternative is that you arrange this separately yourself where you would have free 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 (homebuyer valuation).
Building Surveys & Reports
Building surveys and reports are 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, but they 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 Home Building Survey, but the cost will be significantly higher than for a Homebuyer Report or Homebuyer Valuation.
Although in most cases, the cost does not include a mortgage valuation for the lender, it is possible to arrange for both to be carried out together via the new mortgage lender (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 Home Building Survey direct too.
Before the valuer carries out the Building Survey, they will contact you to discuss the scope of the inspection and the cost.
Contact us if you have any questions regarding home valuation costs, so we can fully cover all options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
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