Mortgage Valuations

Too often confused with a "survey", a mortgage valuation has one purpose only - to satisfy a "Lender" that the house you want to buy with a loan is a sufficiently valuable asset that it can be sold to repay the loan should you, the borrower, be unable to keep up repayments in the future.

The Valuer's job is to take account of the condition of the building with regards to matters that could affect resale value. There is no obligation to carry out more than a superficial inspection.

Although you, as purchaser, are owed a "duty of care" and will in many cases pay all costs of the Mortgage Valuation, the report is designed specifically for the needs of the Lender. It is presented as a brief proforma that provides you with little useful information as a prospective owner in respect of condition and structure. As you are not the intended end user, matters like maintenance recommendations, defect investigations, remedial action advice and so on are ommitted.

Too often, property purchasers rely on the Mortgage Valuation as a 'survey' when it is not adequate. When they occupy the property and discover defects that will cost them time and money to put right, they then get a survey report from a Chartered Surveyor to advise them. If they had done this in the first place, they could have renegotiated the purchase price and saved themselves thousands of pounds. It is always the advice of all Chartered Surveyors that, if you are buying a property or looking to sell, you should get a survey from a Chartered Surveyor - despite a small initial cost, the overall benefit is frequently substantial.

Still unsure? Click on the link to find out more about each survey, as written by a qualified Chartered Surveyor:

• Full Building Survey formally known as the Full Structural Survey)
• House Purchase Survey Report
• Homebuyers Survey
• Major Elements Survey
• RICS Condition Report
• Mortgage Valuation
• Independent Valuations (Matrimonial, Probate etc.)
• Schedule of Condition

If you have further questions about the types of survey available or would be interested in booking a survey, go to the 'contact us' page and speak with one of our Chartered Surveyors.