Valuation and Survey Reports

Before taking out a mortgage, the Society will need to assess the value of your chosen property. There are different types of reports, which vary in their level of detail.

Standard Valuation Report for Mortgage Purposes Only

The Society must obtain a report on the value of the property. This report is used for the sole purpose of assessing the adequacy of the property as security for the proposed loan. It is designed to give enough information to enable the Society to decide whether the property is safe to lend on. You will not receive a copy of the report.

A Standard Valuation Report may not reveal defects in the property and it is important that you do not rely on it in any way when deciding whether to proceed with the purchase. We strongly recommend that you obtain a more detailed report, so you can decide if the pr operty is suit able for you. There are two main types of more in-depth inspections.

house-architectThese are either a Homebuyers’ Report or a Building Survey Report which are explained below. Because the surveyor will spend more time inspecting the property and preparing the report, the fees are higher than a standard valuation.

RICS Homebuyers' Report and Valuation

From the Royal Institute of Chartered Surveyors, this service is more in-depth than a standard valuation, but less comprehensive than a building survey. After a limited inspection of the parts of the property readily visible and accessible, the surveyor will list any major defects of the areas examined, with recommendations on any action or further investigation needed, as well as the property’s market value.

Building Survey Report

Also known as a structural survey, this is a comprehensive technical examination of the property. The surveyor will produce a very detailed report on the property’s condition with advice on any repairs and modifi cations needed. You should make sure that you have agreed the scope and cost of the survey before it is carried out. For both of these reports, the fee will vary according to the age, size and type of the property. You may of course wish to make your own arrangements for obtaining a suitable report on the property. If you do so, the Society will still require a standard valuation report for its own purposes.


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