Mortgage Valuation

A valuation isn’t a survey. It’s a limited check on the property that your mortgage lender undertakes to ensure it’s worth the money they are lending to you.  Often they ask you to pay for the valuation and in most cases a copy of the mortgage valuation report is provided to you. This type of inspection is very limited and it is unlikely to cover items in detail which would be picked up in a full survey. There may be structural problems in the property that could cost a considerable amount to put right and these are unlikely to be picked up in the valuation report.

Surveys

If you’re buying a property, you should have a survey undertaken before you exchange contracts. A survey could save you money, If there are serious structural problems, you can often re-negotiate the purchase price to reflect the cost of necessary repairs. The report will cover all the parts of the property that can  easily be reached. We don’t inspect under carpets or move furniture, and we don’t test the gas or water supply or electrical wiring etc. but we will comment on their condition and will advise if we feel a more detailed inspection is necessary.

There are two main types of survey - Homebuyer Survey and Valuation (HSV) and Building Survey.

Homebuyer Survey and Valuation

A Homebuyer Survey and Valuation (HSV) is a survey done to a standard format set out by RICS and is most suitable for conventional properties which are in reasonable condition. It doesn’t detail every aspect of the property and only focuses on urgent matters needing attention. This type of survey is not usually suitable for properties in need of renovation, or where major alterations are planned.

Building Survey

A Building Survey is a comprehensive inspection of a property. It is suitable for  all types of properties and especially older properties and Listed buildings. The report is written in our in-house format and covers the various elements of the building on an individual basis. We examine all accessible parts of the property and you can ask us to look at specific areas in more detail if you have any particular concerns. The report will cover aspects such as:-

• Details of faults, both major and minor and what they could mean  
• The condition of damp-proofing, insulation and drainage (although we do not test the drains)
• Technical information on the construction of the property and the  materials used
• Recommendations for any further special inspections.

A Building Survey does not include a valuation, but we can in some circumstances arrange this separately if required.

How can we help you

As a practice of Building Surveyors we have extensive experiance in most if not all forms of domestic construction and undertake Building Surveys and Homebuyer Survey & Valuation (HSV) service on a wide variety of property.

If you are considering having a survey of the property you proposed to purchase please call us and will will be happy to give you advice on the most suitable option for your circumstances and a fee proposal.

Further information

For more information on the different types of survey and other useful information on buying and selling residential property visit the RICS web site www.rics.org

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