Valuation or Survey?
Need a valuation or a survey?
A survey conducted alongside a lender’s valuation when buying a house is recommended because it provides a more comprehensive and in-depth view of the property’s condition. Lender valuations primarily focus on determining the property’s market value to ensure the appropriate loan amount. However, surveys go beyond this and assess the physical condition of the property, identifying potential issues, defects, and maintenance requirements. This information helps you make an informed decision about the property’s actual condition and can uncover hidden problems that might not be apparent during a simple valuation. This additional insight can help you negotiate the purchase price and repair budget or reconsider your decision if the survey reveals significant issues.
What is the difference? Read our Survey Brochure before you decide which is right for you.
Surveys are not regulated by the Financial Conduct Authority (FCA)
A HomeBuyer Report is intended for conventional, residential properties e.g. houses, flats and bungalows, which appear to be in a reasonable condition and have not been subject to significant alterations since construction.
A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition, including the roofs, chimneys, walls, floors, ceilings, doors, windows and asbestos checks. It’s more in depth than a HomeBuyer Report and does not follow a fixed format. It’s likely to be needed if the property, for example is over 100 years of age, is of unusual construction, dilapidated, has been altered or where a major renovation or conversion is planned.