The Lender will need to obtain a valuation of the property to be mortgaged, which will be carried out by a valuer instructed by them. A Mortgage Valuation Report is a limited report intended for the lenders purposes only. Should you require a more detailed assessment of the property for your own purposes, you may wish to consider a ‘Home Buyer Report’ or ‘Building Survey’ report be undertaken.
- Mortgage Valuation Report:
This is a limited report and is not a survey of the property. It is prepared solely for the lenders purposes and as such should not be relied on by you as a report on the property’s condition. - Home Buyers Report:
This is a more detailed report on the general state of repair and condition of the property, produced in a format approved by the RICS. It is produced on your behalf by a chartered surveyor to identify significant defects, repairs and features which affect the property. If you choose this option, we may be able to arrange for it to be carried out at the same time as the Mortgage Valuation report. (Please note that a direct contractual relationship exists between yourself and the valuer with this type of survey. You will need to confirm that you accept the standard Conditions of Engagement by signing an acceptance form and returning it to the independent firm of valuers). - Building Survey:
This is a highly detailed survey report giving a comprehensive review of the property’s condition. Although we may be able to arrange for it to be carried out at the same time as the Mortgage Valuation report, your contract will be directly with the valuer for the Building Survey and you will need to pay them directly for this. (Please note that a direct contractual relationship exists between yourself and the valuer with this type of survey. You will need to confirm that you accept the standard Conditions of Engagement by signing an acceptance form and returning it to the independent firm of valuers)