Building Societies are required by law to undertake a valuation before making a mortgage offer. Banks also require a valuation before funding a property purchase.
A valuation is not a survey, it is an inspection undertaken for the purpose of deciding the amount and terms of a loan.
The inspection is limited and no purchase should rely solely on the information provided by a mortgage valuation.
Surveys:
Homebuyers Survey and Valuation
Intended for homes as detailed below
Conventional in type and construction
Apparently in reasonable condition
Focusing on essentials: defects and problems which are urgent or significant and that have an effect on the value of the property. The main objective in this is to assist the prospective homebuyer to:-
Make a reasonable and informed judgement on whether or not to proceed with the purchase
Asses and compare comparable prices
Assists with decisions and actions which need to be taken prior to commitment to purchase
Professional opinion on particular features which affect present value and may affect marketability
Building Survey
Suitable for all residential properties and provides full picture of construction and condition. More comprehensive then homebuyers report. Details of the whole range of defects major and minor. A valuation is only provided as an extra –by agreement.
To discuss the various Valuation/Survey options with our partner Surveyor Brian Todd (MRICS) , please call 02828 279477.
