Valuations & surveys

What type of valuation or survey do I need?

Before buying your property you will need to arrange a valuation or a survey (usually through your mortgage lender) to determine the value and condition of your prospective home. The three main types of valuations or surveys are:

Sole Valuation

All building societies are required by law to undertake a valuation before making a mortgage offer on a property. A valuation is not a survey, but a property inspection solely to determine the amount and terms of any loan.

A buyer usually pays for a valuation to be carried out and is usually given a copy of the report. However, the extent of the inspection is very limited when compared to a survey.

No potential buyer should rely solely on a valuation when deciding whether or not to buy a particular property.

Homebuyer Survey and Valuation

The RICS (Royal Institution of Chartered Surveyors) Homebuyer Report is the most common type of inspection. It provides a condition report of the property, focusing on defects and problems that may affect its value

This report enables the buyer to assess whether or not the property is a reasonable purchase. It also highlights what decisions and actions should be taken before contracts are exchanged.

The surveyor will give his or her professional opinion on the features affecting the property's market value.

Building Survey

A building survey provides the most comprehensive level of condition reporting, outlining technical information relating to construction and materials.

Suitable for all residential properties, the building survey is used to assess homes that are constructed unusually, are in bad condition or have been altered extensively. It is also used when a major renovation is planned.