Which Survey?
First, it’s important to say that a mortgage valuation is NOT a survey.
A copy of the report prepared for the lender following a brief inspection by the valuer, does not go far enough. The mortgage valuation is for the benefit of your lender – not for you, the borrower.
It answers only the lender’s questions relating to the security of the property for loan purposes. You should not rely upon it to answer the questions that concern your interests. It also may not disclose significant defects.
Compare survey types and find which one you need.
| Facts about the property | Building Survey | Homebuyer Report |
|---|---|---|
| Property was built before 1900 |  |
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| Property in need of renovation or already been extensively altered | |
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| Property is of unusual construction |
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| Property is a listed building | |
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| Property is in a reasonable condition | |
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| Property is an average sized flat in reasonable condition | |
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What The Council of Mortgage Lenders have to say on mortgage valuations:
The valuation is carried out purely to help the lender decide whether it is willing to lend, and if so how much, on the property you want to buy. The valuer makes a written report to the lender. The lender does not have to tell you the contents of the report, but some lenders will give you a copy or at least tell you about any serious problems which may have been spotted during the valuation.
The valuation is not an extensive survey and will not necessarily identify all the repairs or maintenance that might be needed. For a full picture, you should consider having a complete building survey or a mid-range “home-buyer’s report” carried out.
Why you should keep your survey separate from your mortgage valuation
There is sometimes an option to pay the lender to upgrade their mortgage valuation to a more comprehensive report like a Homebuyer or a Building Survey. This can be quite cheap but allows the lender to see the full report.
• There might be things in that report that, although they don’t change your decision to buy, could affect your ability to raise a mortgage on the property.
• Have a survey carried out before you incur further costs.