Which survey should I choose?
Here are some common questions and answers:
What is the difference between a ‘Survey’ and a ‘Valuation’?
This can be easily confused. Even some lenders and Mortgage Advisors can mistakenly talk about the lender requiring a ‘survey’ when infact they mean a ‘valuation’. Consequently, most purchasers believe that they are getting a survey when their mortgage lender instructs a surveyor to visit the property. In fact, unless you make a specific request for a survey, the lender will only obtain a valuation. Unlike a survey, a valuation is not a thorough examination of the condition of the building – it is a simple report that lenders use to confirm their mortgage offer. It only mentions defects that affect the property as security for the mortgage loan. Furthermore, some lenders don’t allow their customers to receive a copy of the valuation, leaving them with no information about the value or condition of the property.
My mortgage lender has instructed a surveyor to undertake a valuation. Can I have a survey done as well?
Of course you can! For an additional fee you can instruct you mortgage company’s surveyor to undertake a survey as well. However, before commiting to this, ask Irvine Taylor to provide you with a quotation too. Often, we can be cheaper than financial institutions who sometimes add administrative fees on to the cost of their surveys…and you’ll get the added benefit of two surveyors inspecting the property!
I’m a cash Purchaser and just want to know the value of the property – can you do this?
Yes we can. If the condition of the property is not an issue for you, we can provide a valuation report.
What’ s the difference between a Homebuyer Report and a Building Survey?
A Homebuyer Report is an economically written and priced document that is concise and easy to read. It is designed to minimise surveyor jargon and highlights only urgent or significant defects that a buyer needs to be aware of before exchanging contracts. A Building Survey is a far more in-depth report. It provides a full picture of the construction and condition of the property, listing minor as well as major defects. The report includes extensive technical information on construction and materials.
Should I choose a Homebuyer Report or a Building Survey?
For most houses or flats built within the last 150 years, of traditional stone or brick construction and in apparent good condition, a Homebuyer Report is usually recommended. For properties of unusual construction; in dilapidated condition; of historical importance (e.g. Listed Building status) or where extensive renovation is planned, then a Building Survey is usually recommended.
Do you do Valuation or Rental Reports or Surveys on Shops, Offices, Churches and Commercial Property?
Yes we do. Click here for more information.
Do you do valuation reports for Matrimonial (Divorce), Probate, Inheritance Tax, ‘Right-to-Buy’ or Capital Gains Tax purposes?
Yes we do. Click here for more information.
Do you do valuation reports for Compulsory Purchase Compensation purposes?
Yes we do. Click here for more information.
Do you require more information?
For 'no-obligation' advice and a competitive quotation contact: James Bryze
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01524 60524
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