The condition of the property is observed and visible issues like damp, electrical problems and obvious structural damage are highlighted. As it's not as thorough as other inspections, the report is usually only pages long. However, taking into consideration the fact that this type of report is a very basic review of the building and only gives details specifically on the condition, then it can be considered as rather expensive for what you get.
Data from TSB. Although on some occasions, your mortgage provider will include a valuation as part of the deal.
It's worth noting that HSBC doesn't add valuation fees onto their residential or buy-to-let mortgages. Some specific quotes on what a typical home valuation might cost include:. RICS set the standards for surveyors and offers peace of mind that the individual surveying your house is both knowledgeable and will be accepted by your bank.
Some mortgage lenders have, however, started to offer free valuations. This may be tempting to accept, but a Homebuyers Survey would still be a better option as it's a more comprehensive survey, saving you money in the long-run.
A Valuation Report and a Mortgage Valuation will take between 10 and 20 minutes, depending on the size of your property. You should then receive the report within 2 to 3 working days unless you have to specifically request to view it first. Let's take a look at the timings associated with a Valuation Report. This is due to the requirements set out by your mortgage provider that a valuation must be undertaken before they can finalise the mortgage agreement.
Once you've submitted a mortgage application, your lender will most likely want to underwrite the financial position of the case before organising the valuation. For this reason, a property valuation alone is limited because it is not detailed or sufficient enough to tell you everything you need to know about a property. Only a survey will provide you with a full, comprehensive, and accurate image of the property.
A property survey provides a detailed, in-depth, and comprehensive report of the property and assesses the condition of the building to determine how suitable it is to live in and ensure everything is in good running order. Depending on which survey you get — the Homebuyer Survey , Building Survey , or Specific Defect Survey , your survey will thoroughly inspect ceilings, walls, joinery, damp , floors, woodwork, roofing , guttering, windows, heating, drainage , gas, plumbing, electricity, subsidence , rot, and asbestos to determine its overall condition.
A property survey is carried out for you and takes longer to complete than a valuation. A property survey is essential to ensure you know exactly what you are buying and how much it will cost you in the long run so that you can make an informed decision on whether to proceed with the sale and negotiate a lower offer based on what the survey reveals. Watsons respects the privacy of our customers. Changes to data privacy laws now gives you, the customer, full control over how your data is used and how you are contacted.
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Reporting The onus is on any buyer to get the most out of the survey they choose. Previous post Meet our new Marketing Executive. Next post Top 5 interior design trends to take by storm. Related posts. It's important to remember there's no point in worrying about something until you know it's worth worrying about. The onus is on you to get the most out of the survey.
Ask the surveyor if you can accompany them. That way, you can ask questions as you go around the property together. You can also request another type of survey, if the initial survey throws up problems you want to investigate further. Supporting surveys are available to investigate issues such as damp, timber decay, insect attacks and invasive weed control in more depth. News and guides Buying property guides What's the difference between a survey and a valuation?
By Nicky Burridge 09 November Share this article Copy link. As a result, a valuation is done before a mortgage is approved. How long does a valuation or survey take? What types of survey are there? How much does a valuation or survey cost?
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