Mortgage Valuation Survey
A mortgage valuation survey is the most basic assessment required by lenders to confirm the property’s value. It’s not a detailed inspection but ensures the property provides sufficient security for the mortgage loan.
Who needs it? Anyone applying for a mortgage.
What it includes:
- A brief inspection of the property
- Assessment of whether the property’s value matches the purchase price
Cost: Usually covered by the buyer but may be included in some mortgage deals.
Homebuyer Report
A homebuyer report offers more detail than a mortgage valuation and is suitable for standard properties in reasonable condition. It highlights major issues and includes advice on repairs and ongoing maintenance.
Who needs it? Buyers purchasing modern or relatively well-maintained properties.
What it includes:
- Structural inspection of visible areas
- Checks for damp, subsidence, and other common issues
- Valuation and insurance reinstatement cost
Cost: Typically ranges from £400–£1,000.
Full Structural Survey (Now Called a Building Survey)
A building survey is the most comprehensive option, suitable for older, larger, or unusual properties. It’s a deep dive into the property’s condition and is particularly important if you’re planning renovations.
Who needs it? Buyers purchasing older or non-standard properties (e.g., timber-framed homes).
What it includes:
- Thorough examination of the property’s structure and fabric
- Identification of hidden and potential future problems
- Detailed report with advice on necessary repairs
Cost: Typically costs £600–£1,500 or more, depending on the property size and location.
Condition Report
A condition report is a basic survey that provides an overview of the property’s condition without going into extensive detail. It’s less common but useful for straightforward transactions.
Who needs it? Buyers of newer properties in excellent condition.
What it includes:
- Summary of the property’s condition
- Highlights urgent repairs but doesn’t include a valuation
Cost: Typically costs £250–£500
Specialist Surveys
Sometimes, specific issues require a more focused inspection. For instance:
- Damp Surveys: Assess moisture levels and identify the source of damp issues.
- Roof Inspections: Examine the roof’s condition, including tiles, gutters, and chimneys.
- Drainage Surveys: Use cameras to check for blockages or structural problems in drains.
Why Are Property Surveys Important?
Surveys reveal potential problems before you commit, ensuring there are no nasty surprises after you move in. If significant issues are uncovered, you may be able to renegotiate the purchase price or request repairs before completion. Most lenders require a mortgage valuation survey to approve your mortgage. Identifying problems early can save you thousands in unexpected repairs.
Choosing the Right Survey
Consider the property type. Older or unusual properties often require more detailed surveys. Think about your plans. If you’re planning renovations, opt for a full structural survey. While surveys add upfront costs, they can save you money in the long run.
How We Can Help
At Compare the Mortgage, we can guide you through the survey process, helping you choose the right type based on your property and plans. We also work with trusted surveyors to ensure you get the best service.
Let us know if you need further assistance or support with property surveys!