Types Of Survey

Valuation & Survey

When applying for a mortgage your mortgage lender will insist that a basic property survey is carried out as a minimum requirement. This is really a valuation for mortgage lending purposes only. You do have the option to upgrade to a Homebuyers report which is a combined valuation and survey.

It is your choice whether to have a valuation done on the property you intend to buy or instruct a valuation and survey. We will ask you which survey you wish to have and select the correct one as part of your full mortgage application.

So, what is the difference?

Basic Survey / Valuation for Mortgage Purposes

Your mortgage lender will insist that a basic survey is carried out before agreeing to lend against the property. The mortgage lender needs to ensure that the property is worth the amount you have agreed to pay for the property.

The lender will themselves instruct the valuation from an approved panel of RICS surveyors.

If a physical valuation takes place the surveyor will want to ensure that the property is mortgageable.

Most lenders will not give you a copy of the report even though you may have paid for the valuation.

Home Buyers Report / Valuation for Mortgage Purposes & Survey

The home buyers report combines a basic valuation with a more detailed inspection taking into account the quality and condition of the property.