Do I still need a survey if I have a mortgage valuation report?

Mortgage valuations are not surveys.

Mortgage valuations are to determine if the property you want to buy is worth the agreed price. They don’t take long (about 15 to 30 minutes) and involve only a brief look at the property to assess its value. The valuation report is for the benefit of your lender – bank or building society – and not you, the borrower even though you may have to pay for it.

The sole aim is to establish if the property is worth the agreed sale price before the lender approves your mortgage. While it may note any obvious issues affecting the value of the property, it won’t give you a report of its condition or highlight any repairs needed.

So, what do building surveys offer?

A survey is a detailed inspection of a property – both inside and out. It will tell you if there are any structural problems such as subsidence, and if any major repairs are needed, like a new roof. A surveyor acts solely on your behalf and offers independent, expert advice on a property. For example, if hairline cracks in walls or ceilings suggest a serious problem. A survey can help you make a fully informed decision about whether to proceed as well as a reasonable price to pay.

How surveys can save you money in the longer-term

Buying a home is likely to be the biggest and most expensive purchase you will ever make. So, it is important to be informed about its condition before signing the dotted line.  Scrimping on a survey can be a false economy. According to RICS, buyers face an average £5,570 in repair bills on their new homes, due to a range of hidden problems. Commissioning your own survey is a cost-effective way to avoid unwelcome surprises after moving in.  If the survey highlights any serious defects, it can be a useful bargaining tool to ask the seller to fix the problem or reduce the price.  If the seller isn’t willing to negotiate, think carefully before going ahead. Consider if you can afford the cost of any major repairs or replacements the property may need.

Who does the survey?

Most chartered surveyors are members of the Royal Institution of Chartered Surveyors (RICS). It is crucial to use a surveyor who is professionally trained.  Local surveyors are likely to have a better knowledge of the area and common property problems as well as local market values.  Costs will vary from company to company and depending on the size of property, so it is good to get several quotes. You can instantly compare estimates and talk directly to local surveyors through this website

Differences between types of surveys
Differences between types of surveys

Types of survey

The survey you need depends on the condition, age and type of property you are buying.

·        A Building Survey provides a full report on a property.  It includes details of the fabric and condition of the property as well as defects, repairs and maintenance advice. It is usually recommended if the property has been significantly altered, is rundown, of unusual construction or if you are planning major renovations.

·        A Homebuyer Report is suitable for homes that are of traditional type and construction and in reasonable condition. It follows a standard format and includes condition ratings to tell you whether defects are serious or urgent.  There is usually the option of the surveyor’s opinion of the market value for an extra fee.

·        A Condition report is similar to a Homebuyer Report but doesn’t deal with the question of value. It provides an independent assessment of the condition of the property, highlighting any issues that may be of major concern. These may be carried out by Home Inspectors with the Dip HI qualification who are members of an accreditation scheme operated by SAVA or BRE. Chartered surveyors may also offer a RICS condition report.