Why a Mortgage Valuation is NOT a Survey
“I don’t need a survey if the bank has already sent round a valuer for my mortgage, do I?” That’s a question many people ask when going through a house purchasing process and it’s easy to see why. Buying a house is an expensive business and it’s tempting to try to save as much as possible. But, is it wise to forget about getting a survey and to hope for the best? ComRes research on behalf of the RICS calculated that on average, home buyers spend £5,750 on repairs once they have moved into their new home and this is often down to not commissioning a proper home survey.
It is important to understand that if you apply for a mortgage, the lender will commission a valuation of the property to answer three key questions. Firstly, does the property actually exist(!), secondly, how much is the property really worth, and thirdly, is it going to fall down any time soon? It is also important to remember that the valuer carrying out this inspection is working solely for the benefit of the lender and not for you.
So how does a mortgage valuation differ from a survey? During a mortgage valuation, the valuer will carry out a brief inspection, usually lasting less than 20 minutes. You may, or may not, see a copy of the valuation report and usually you would not be able to speak directly with the valuer who carried out your inspection.
In contrast, if you commission an RICS Home Survey, the surveyor will carry out a detailed inspection and produce an in depth report for you. This report may identify issues which could help you to negotiate a lower offer, plan for any necessary repairs or even to back out of an unwise purchase.
Here at Jones Battye, we offer different levels of RICS Home Survey depending on the age and condition of the property, which can be tailored to answer any specific worries or concerns you may have. By far the most popular is the middle level survey, an RICS HomeBuyer Report. This is suitable for most properties and provides a user-friendly, traffic light style system to identify and categorise any issues. As a completely independent surveying practice, who does not work for banks or building societies, Jones Battye is also completely on your side and our surveyors are available to answer as many questions as you may have. In the long run, having a survey could save you a lot of expense and provide you with peace of mind and a thorough knowledge of what you are getting into. Here are some more details about the surveys we offer: http://bit.ly/2aiYrtd
One last word of caution; many mortgage providers also offer an additional upgrade option to engage their own surveyors to carry out a home survey for you. And whilst we would strongly encourage all buyers to get a home survey, it is important to remember that mortgage providers get a commission for selling these upgrades to you and prices can vary. An RICS Home Survey from an independent surveyor may cost less than you think, so why not give us a call on 01685 378894?
