When you apply for a mortgage, the lender will arrange for a valuation (sometimes called a valuation survey but it’s more of a report) on the property you want to buy. That’s so they know it’s worth what you’re paying for it, and that we’re lending you the right amount.
The valuation will usually mention any obvious defects. But other than that, it won’t tell you anything about the condition of the property. It’s just there to put a value on the property for the lender.
You’ll have to pay for the valuation. How much depends on the size and value of the property. Your adviser will tell you the cost and it will be in your mortgage illustration.
Some mortgages come with free valuations, so it can save you a little bit extra.
A Standard Valuation is the only type of survey that all lenders will instruct. There are other types of survey available. If you’re unsure which type of survey you’d like, speak to your Mortgage Adviser who will be able to provide you with details. The two main additional surveys are:
This is a more detailed report which provides an overview of the structure and condition of the property, including all the accessible parts. It mentions all major defects and includes a roof inspection where possible. But it doesn’t go into detail or give information about what repairs you need to do to put things right.
Building survey (or full structural survey)
This is generally the most detailed and therefore most expensive survey you can have done.
Like the homebuyer’s report, it covers all aspects of the property. But it gives more comprehensive information on the structure and condition – for example if there’s damp or subsidence. It will also include details of what repairs you’ll need to do to put any defects right, and how to maintain them. However, it does not include a valuation of the property.