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What type of valuation report should I go for?

survey
So, you’ve found the house of your dreams, put in an offer and it’s been accepted. You’ve let your lender/mortgage broker know and they’ve asked you what sort of survey you’d like to go for???? Eek, what do you do, this is an expensive time should you go for the basic valuation at the lowest cost or go the whole hog and get a full building survey done? 
There are three levels of surveys, hopefully this information will help you decide which is most suited to you and the property you intend to buy.

Valuation Survey

Before lending you the money, your lender will want to take a look at the property and will value it. This is to check that the property is worth what you think it is and that it is adequate security for the mortgage. But, you should be aware that a valuation won’t necessarily pick up on any problems at the property, which could result in you buying a property with significant defects. Some valuations are done as “drive by’s” others will complete a more comprehensive review.

Valuations start at about £150 but vary between lenders and the fee is also based on the property type, size and price.


HomeBuyer Report

This level of survey is more suitable if you are looking for more of a report on the condition of the property.  The surveyor will inspect all visible parts of the property that are accessible. It does mean that they won’t lift carpets to check floors or move furniture around. The report will be written in a standard format rating each part of the property, it will also include the condition of all permanent structures (garden offices, garages etc) This report will highlight any problems that could significantly affect the value of the property.

HomeBuyer Reports start at around the £400 plus VAT mark but again these vary both between lenders and the type of property.
Building Surveys (sometimes known as Structural Surveys)

These more comprehensive surveys assess both the inside and outside of the building (as with the HomeBuyer Report) but also focus on the structure of the building. It is recommended that if you are buying a large, older or rundown property, a building that is unusual or altered, or if you are planning major works, that you have a Building Survey.* 

The report will detail everything you should know about the property you are about to invest in. You will receive a list of problems and their severity including an idea of what has caused them, how quickly they need to be remedied and how they can be rectified.

These surveys do not always include a valuation, so make sure you discuss this with the surveyor and request one.

A Building Survey starts at about £500 plus VAT. Although this might sound like a lot of money, it could be a great investment and you could end up saving yourself a lot of money by knowing the problems that lie ahead. It could also give you the opportunity to go back to the vendor and negotiate the price.

Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at info@wolseymortgage.co.uk or by calling 01473 216950.


*RICS website
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Monday, 18 November 2019

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