Most people are confused
between "valuations" and "surveys." Valuations are compulsory
if you require a mortgage, and your lender usually insists you use they're own recommended
valuers. You may not realise, or be told, that these valuers are often part of the same
organisation.
The primary objective of a valuation is to check suitability of the property as security
to protect the lender's money. The valuation is normally paid for by you
but is carried out for and on behalf of the lender.
Despite recommendations from many consumer associations, only approximately 20%
of all people buying property have a survey carried out for them.
You have the choice of the Homebuyer's Survey and Valuation or the Full
Structural Survey, now known as a Building Survey.
When a property is likely to be one of the largest expenditures undertaken, it is hard
to understand why 80% of homebuyers do nothing to protect their own interests.
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Building Survey
(formerly Full Structural Survey)
Suitable for any house, particularly older properties and those which have been poorly
maintained. Also for properties which have been extensively altered or extended, or any
property you may wish to alter or extend.
This report is tailor-made to your requirements and advises you on the condition and
"state of repair" of the property and, in many cases, how to repair it and how
urgent it is!
Gives peace of mind and puts you in a position of strength during the home-buying process.
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Homebuyer's Survey and
Valuation
A report designed for modern properties of standard construction, usually in the form of
standard phrases.
Gives a general view of the condition of the property and highlights only significant
and urgent defects. |
Are all surveys the same?
Our research shows that a Homebuyer's Survey and Valuation, based on a standard format
devised by the RICS / ISVA, tends to be very similar form survey to survey. However, you
should ensure that you are getting a local surveyor with good local knowledge.Building
Surveys vary widely and saying you require a Building Survey or a Full Structural Survey
is very much akin to saying you'd like to buy a car, as the quality varies according to
which make and model you choose.
For your FREE copy of "What Mortgage" magazine's recent article
"Surveying the Options"
call 01525 37 6000 now or click here |
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