The mortgage valuation is for the benefit of the mortgage lender. It is designed to give enough information for the lender to decide whether the property is safe to lend on, and up to what amount. The valuation is based on the surveyor’s knowledge of comparable prices in the locality.
Whereas a mortgage valuation is chiefly for the benefit of the lender, a Condition Report is more useful for the buyer. The report is optional but something buyers should consider for their own peace of mind. It provides an objective overview of the condition of the house. It does not go in granular detail and typically costs £100 – £250 but is a good investment.
When you’re buying a new house, it’s easy to overlook hidden problems. This includes structural defects, shabby brickwork or a broken down boiler. Research has revealed many first time buyers set themselves up for unforeseen repair bills by doing this. So, it can pay to get a full Homebuyer Report before you put in an offer.
This report is more detailed than a Condition Report. It will include information about how much problems could cost to fix further down the line. It can be carried out at the same time as the Mortgage Valuation. Usually costs range between £250 – £400.
A comprehensive Building Survey is the ideal choice for the discerning home buyer. It provides a fully detailed report about the condition of the property and the land that it sits on. This type of survey is especially useful for older buildings, larger houses and non-traditional properties. It is also good if you are planning taking out any major renovation work yourself after completion.
Although a Building Survey typically costs around £1,000 (depending on property size of course), the surveyor will give you a complete breakdown of the condition and fabric of the property. The report also has a repair diagnosis and expert maintenance advice. It may sound expensive, but remember, repairs can costs thousands upon thousands to put right. Therefore a Building Survey may save you a small fortune in the long run.