Property Valuations and Surveys

Valuations

All building societies are required by law to undertake a valuation before making a mortgage offer on a property (the same does not currently apply to banks, although almost all will require a valuation). A valuation is not a survey, it is a property inspection undertaken for the sole purpose of deciding on the amount and terms of any loan. Buyers can expect to pay for a valuation to be carried out and are usually given a copy of the report. However, the extent of the inspection is very limited when compared to a survey and no potential buyer should rely solely on the information provided by a mortgage valuation when deciding whether or not to buy a particular property.

Surveys

A survey gives the buyer a professional opinion about the property in question. It should be carried out, and the findings considered, prior to entering into a contractual commitment. Where defects are found, often the purchase price can be renegotiated to reflect the necessary repair work.

There are two types of survey:

a Homebuyer Survey and Valuation (also known as an HSV/HBSV or Homebuyers Report)

a Building Survey.

To discuss the various Valuation/Survey options please call us on 01474 357927 or use the form under the “Contact Us” link in the main navigation menu, to Email your queries.