Guide To Mortgage Valuations
Whether you’re buying a new home,
or remortgaging your present one,
you will need to have your property valued.
There are three main types of survey.
We require a mortgage valuation report on your chosen property. This is carried out by a valuer employed by us, or an independent panel valuer.
You’ll receive a copy of this report, but it’s primarily to enable us to assess the property as security for your loan. It’s based on a limited inspection and certain defects in the property won’t necessarily be revealed. It’s important that you don’t just rely on this report when you’re deciding whether or not the property is suitable as a home and an investment. We strongly recommend that you obtain your own more detailed report on its condition and value, based on a fuller inspection. Please refer to our valuation fee scale.
We’ll be happy to arrange this.
The Homebuyers’ Survey and Valuation is a more detailed report often referred to as a Property Purchase Survey and Valuation. Approved by the Royal Institution of Chartered Surveyors (RICS), it provides information on the state of repair and condition of the property. It gives information on the significant aspects of the property’s condition and the surveyor’s/valuer’s opinion as to its market value.
Although it’s a more detailed survey, it doesn’t inspect parts of the property which are covered, unexposed or inaccessible. Fees for this survey are more than for a Mortgage Valuation Report. However, if you go through us, we usually arrange for the same surveyor/valuer to do both. Please note that this isn’t a structural or building report.
Please note that the cost of these reports are non-refundable once the reports have been instructed, and are payable when the application is submitted. A valuation cannot be instructed until this fee is paid.
A Building Survey (formerly known as a Structural Survey) is an investigation and assessment of the construction and condition of a building and will not normally include advice on value. The extent and cost of the survey will be subject to specific agreement between you and the surveyor.
Whatever surveys you ask for, we advise you to speak to the surveyor first and find out what they involve, both in terms of cost and checks carried out.
The Building Survey does not include a valuation so we will still require a Mortgage Valuation Report in all cases.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.