Whether you’re buying your first, a new home, or simply moving lenders, a valuation is required in all scenarios, this is to provide the lender with adequate protection when granting you a mortgage. The lender needs to ensure there is sufficient value in the property they are lending you money against.
In most cases the lender will arrange the valuation, but this is just a basic valuation for mortgage purposes. There are more in depth options available as below.
We can provide you with access to competitively priced quotes for all options.
For Valuations and Surveys we act as introducers only.
Property Valuations
Your lender will require a basic mortgage valuation, this provides them with a basic understanding of the property and its value, including a reinstatement cost for insurance purposes.
These reports are not generally appropriate if you have any concerns about the property or its structure.
The exact cost of valuation will depend on the lender and the property.
Surveys
More in-depth surveys are available e.g. Home buyer report (also known as level 2) or a Building Survey (also known as level 3).
As you’d expect a level 3 survey is the most in-depth survey and will provide detailed advice on the property condition, propose the most probable cause(s) for any defects as well as provide an estimate of costs and likely timescales for identified repairs and necessary work