A mortgage survey or mortgage valuation survey or any combination of these words is undertaken by the mortgage lender to ensure that the property is worth the price that you are purchasing it for.
The survey is to assist the mortgage provider in making a well-informed decision before agreeing to lend money.
The report is succinct and will only point out serious, obvious flaws that could materially lower the value of the property.
This survey is for the benefit of the mortgage provider and you might not even see the report
The surveyor for the mortgage survey might not necessarily visit the property, they can be undertaken using information found on the internet and recent sales data.
If the surveyor does visit the property they will usually take no longer than 30 minutes.
A building survey or property survey is different to a mortgage survey and can help you to make an informed decision, highlighting any problems before you decide to buy the property.
Before buying a property, we highly recommend that you commission an independent RICS building survey.
Only 20% of home buyers conduct some kind of independent survey prior to buying, according to the RICS (Royal Institute Of Chartered Surveyors).
This is true despite the fact that buying a home represents for many people the biggest investment they will ever make.
By itself, that figure is quite startling.
However, taking expert advice on the property's condition is even more crucial when you take into account that most people only spend a few hours or even minutes looking around a potential new home before making an offer.
Make sure you take adequate precautions to protect yourself from unpleasant and potentially expensive surprises once you move in.
If a prospective buyer is only interested in determining a property value, then we advise getting an RICS Valuation Report.
This will give a more substantiated market value than a mortgage survey. There are three levels of home survey which will report on a property’s condition. These are:
The latter Level 3 report is the most detailed.
Previously known as a Structural Survey, a Building Survey is an in-depth inspection of a property. It is the most comprehensive of the surveys available for residential properties and will provide a detailed evaluation of a property's condition.
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