Buying property with a mortgage

If you are buying a property with a mortgage, your bank or building society will appoint on of their surveyors to carry out a Mortgage Valuation Report. This is a brief assessment of the property to enable them to make a lending decision.

Mortgage Valuation Reports are prepared in the bank or building society’s own format to satisfy their purposes. Even though you may be charged a fee for this, the Report does not amount to a survey that you can rely on and in some cases, a copy of the Report is not available anyway.

When filling out a Mortgage Application Form, there is usually a question asking if you would like your own more detailed survey such as a Homebuyer Report or Building Survey. If you answer ‘yes’, the bank or building society’s surveyor will prepare the report of your choice. If you answer ‘no’, you are free to choose your own surveyor to prepare your Report / Survey.

Why bother getting your own survey?
- You will get assurance that the property is in satisfactory condition or be advised of any serious problems
that need repair or investigation
- You will appreciate any specific risks to the property and to you as the occupier
- You can get an independent assessment of the property’s value
- You may be able to re-negotiate the purchase price based on the cost of repairs

Buying property without a mortgage

If you are buying a property without a mortgage, you will need to seek advice from a surveyor to appreciate any risks that you may be taking on and receive confirmation that the property is worth what you are paying for it.

Preparing a property for sale

If you are preparing to sell your property, obtaining a survey report will show you any problems that may delay your sale and help avoid price reductions later in the process.

Always look for the RICS logo when choosing your surveyor. (Logo)

Speak to us in the first instance for an informal chat about the property, any concerns you have and the types of survey available. You will then be in a position to make the best choice in moving forward.

The main types of survey report are:
1. RICS Condition Report – a basic survey describing each element of the property and a summary of risks and defects. The condition of each element is given a clear ‘traffic light’ style rating. A valuation is not included. Suitable for the cost conscious or for house sellers who want to be prepared.
2. RICS Homebuyer Report – a good mid-range survey covering all aspects of the Condition Report but involves a more in-depth inspection and the report is much more detailed. Specific advice is given on what to do next. A valuation and rebuild cost for insurance purposes are included as standard. This is the one most people opt for. Suitable for most property types.
3. Building Survey (formerly called a Structural Survey) – a very detailed inspection and comprehensive report describing how the property is built, its condition, including building repair and maintenance advice and populated with photographs. Suited to larger, older or bespoke properties.

If you are not buying with a mortgage and do not require a detailed survey, we can provide a Market Valuation of the property. This is presented in report format and includes details about how the valuation is calculated. A Market Valuation can also be provided alongside a Condition Report or included within a Building Survey.