Which inspection is right for my client?
The mortgage valuation
The mortgage valuation is solely for our purposes so that we can be satisfied that the property provides sufficient security for us to lend.
We will normally provide your client with a copy of the valuer's report. If, however, your client is taking advantage of one of our fee assist mortgages and we are refunding or paying the cost of the valuation, your client may not receive a copy of the valuation report.
If your client does receive a copy of the valuation report, please remember it is NOT A SURVEY and does not give any indication as to whether the property is worth what is being paid for it, nor does it provide a list of any repairs that may be needed.
We would strongly recommend that your client obtains a more detailed inspection of the property. There are two types available, a HomeBuyer Report and a Building Survey.
HomeBuyer Report
We can arrange to carry out a HomeBuyer Report for your client at the same time as the mortgage valuation. Presented in a standard format, it is designed to focus on defects and problems which are considered urgent or significant. A HomeBuyer Report is suitable for properties which are of standard type and construction and appear to be in reasonable condition.
For more information about Valuations, view our Criteria Guide.
Building Survey
This type of survey is suitable for all types of residential properties and, in particular, for period properties, those with extensive accommodation or those in a particularly poor state of repair although it can be done for any type of residential property. It is tailored to your client's requirements but will be very detailed, covering all defects whether major or minor. There is no standard or scale fee for a Building Survey but the cost will be significantly higher than for a Homebuyer Report.
Although in most cases, the cost does not include a mortgage valuation, we can arrange for both to be carried out together. Your client will pay us a Standard Mortgage Valuation fee and pay the valuer the cost of the Building Survey direct. Before the valuer carries out the Building Survey, he will contact your client to discuss the scope of the inspection and the cost.
If your client has already had a Building Survey carried out, it may be possible for us to ask the surveyor to prepare a mortgage valuation for us. Please remember, however, that not all surveyors carry out valuations. If the Building survey meets our initial criteria, we will need to see a copy of the Building Survey and a copy of the surveyor's Professional Indemnity Insurance certificate before we can decide if these are acceptable. If we agree to allow your client's surveyor to prepare a mortgage valuation report for us, and he agrees to do so, there will be an administration fee of £55.