I’ve had a mortgage valuation, why do I need a survey?
‘My mortgage lender already did a survey of the property, why do I need another surveyor’s report?’
This is one of our most common questions, especially from first time buyers. We know buying a house is a costly process, and another survey means an additional expense. However, in the long run, this can save you thousands of pounds down the line and allow you to renegotiate your purchase price.
So, what’s the difference? A mortgage valuation is a specific type of assessment done by the mortgage lender to help them confirm the property’s value. It will also check if the property will be a suitable security for the loan you’ve applied for. See it as the valuation surveyor will behave like a potential buyer viewing the property, they will inspect every room including the outdoor space noting the overall condition, fixture and fittings included in the sale.
However, what a valuation surveyor won’t do a chartered building surveyor will do. This includes noting down defects to the outdoors, internals, testing the walls for damp and checking for structural damage.The RICS Homebuyer’s Survey identified any serous defect or problems with the property and any issues that you may want your solicitor to investigate. It also advises on future maintenance issues that may arise to enable you to make informed financial planning decisions.
There are three levels of surveys, the type of survey you choose will determine the level of detail it goes into and the cost of the survey.
The RICS Level 2 is compiled after a physical inspection of the property and provides you with more in-depth information on the condition of the property. It helps you make an informed decision on whether to go ahead with buying the property, consider any repairs or replacement required. This survey is particularly for standard properties that haven’t been extensively altered or extended and are in a reasonable condition and built approximately in the last 100 years.
The RICS Level 3 survey also known as a full building survey. This survey is a thorough inspection of the property, and the report is more detailed identifying the risks, explains the nature of the problem and an explanation on how the client may reduce or resolve the risk.
At Spectrum, our chartered surveyors undertake both Level 2 and 3 surveyors, simply click the contact us and we’ll get your property booked in.
