Survey or Valuation?

You may be unaware that when you apply for a mortgage, unless you make a specific request for a survey, the lender will only obtain a valuation since that is all they require to be able to offer you a mortgage. It is also becoming increasingly common for the customer NOT to receive a copy of the valuation, leaving them with no information about the value or condition of the property.

It is a disturbing and little known fact that about 85% of all purchasers who require a mortgage actually buy a property relying totally on a mortgage valuation, the vast majority believing that a proper survey has been carried out!

The valuation that your lender requires is a simple assessment for lending security purposes and is not a thorough examination of the condition of the building.

The RICS Homebuyer Report is a concise and easy to read document, highlighting any significant defects that a buyer needs to be aware of before exchanging contracts. The advice contained in the report may persuade you to revise your offer or even reconsider your decision to buy the property.

Click here to see a full Description of the RICS Homebuyer Service
Click for information on choosing between surveys

The cost of a Homebuyer Report or Home Condition Report is a very worthwhile investment and can reveal defects which could affect the amount paid for a property.

A Home Condition Report is a new type of survey specifically designed for use by the seller of a property and promises to be invaluable in reducing problems involved in the normal transaction process. For more information please click on the following link - www.homeinformationpacks.gov.uk

Call us for a quotation or just a chat - no obligation, just good advice!