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One of the most common questions we get asked about the process. The answer in short is yes. However, what we need to do is explain the difference between a survey and a valuation report. To be clear there are 3 levels of survey:

• Standard Survey or Valuation Report
• Home Buyers Report
• Structural Engineers Report.

These can be done by either the lender as part of your mortgage application, or independently yourselves by finding a suitable qualified professional locally.

What people sometimes don’t understand is that the lender will always conduct a valuation report for mortgage purposes themselves, regardless of your own preference. They will use this report to value the property and to note any issues or future problems that may affect the saleability of the security should they need to re-posses. The majority of times this report is free of charge however there are instances where the lender may charge for the standard mortgage valuation report.

The lender on receipt of the report may require further reports depending on the content of the valuers comments / remarks. The valuation also provides the lender with the information they require to assess the suitability and value of the property in relation to that of the application. Simple things like age of the property, what the property is near / adjacent to, and comparing the value of the properties local vicinity of a similar criteria.

The Survey provides a lot of useful information but won’t always be made available to the customer (you) unless they feel it is necessary. The lender’s valuation is also very basic; it cant be used as a guarantee that the property isn’t 100% secure / of good make or repair.

For this reason when we are asked if you require a survey the answer will always be “It’s your decision”. Factors such as the type of property, age of property and your own knowledge of property will all contribute to you making the right decision on the type of survey you require.

For more info check out our FAQ page here.