Surveys and Valuations

If you’re planning to buy a property, your lender will typically require a mortgage valuation and a home survey report, but choosing the right firm and valuation can be very difficult. We can advise you on the best options and even recommend a firm in the local area. We’re a team of impartial, expert advisors based in Euxton, Lancashire, and we base our recommendations on your specific requirements and individual situation. If you’re based in the wider Lancashire area – such as Chorley, Eccleston, Buckshaw and more – and you’re looking for a mortgage valuation, call us on 01257 208946 or visit our office for some confidential, impartial advice.

Valuation Report

When buying a property with a mortgage, this report is acquired by the mortgage lender. A valuer will visit the property to offer a standard viewpoint to the lender about whether it offers security for the mortgage you have applied for, i.e. whether on consideration of the value and condition of the property, it is worth the mortgage lender making a loan to you secured on the property.

You should not rely solely on the assessment record when reaching a decision on whether to continue with the purchase, whether it is adequate for your requirements and whether its condition is sufficient. The exception is in the case of a brand-new construction which has the advantage of an NHBC Certification and has been built within the last 10 years. You can find even more info about the NHBC Scheme at www.nhbc.co.uk

Home Buyer’s Report

This is a more comprehensive record, which can start at £300 + VAT on average. The surveyor prepares a more in-depth report for you, showing matters needing immediate attention or that might require attention in the future. This report is prepared on your behalf, instead of for the advantage of the mortgage lender.

People typically think that they have had a survey done when they have actually only had an assessment report carried out; however, please keep in mind that an appraisal is simply that; it is undertaken for the mortgage loan provider to establish lending values.

You must arrange for your survey as soon as a firm offer has been accepted by the seller and make sure that you get the outcomes before proceeding further.

If your surveyor does identify a potential costly problem, such as extensive woodworm, damp, damp rot etc, then you may be able to negotiate a decrease in the purchase price to take repair works into account. In this way, the survey can pay for itself. Remember that the seller is not legally obliged to inform you about any structural problems; it depends on you as the buyer to find them. Are you likely to be able to discover them yourself? Many would answer “No” and this is why the survey is so essential.

Ensure that you read the small print though; the surveyor might not examine unexposed or unattainable areas, for instance below the floorboards or the roofing space.

Full Structural Survey

This is the most expensive kind of survey and obviously, the most in-depth. Most individuals are put off by the expense of this kind of survey however when buying a home, it is definitely much better to understand exactly what you are getting yourself into before hand.

There are circumstances when full structural surveys should be carried out:

• If the property is more than 80 years old.
• If the home is of high value.
• If you plan to change the home structurally.
• If the home is not of standard construction, in bad condition or in need of renovation.
• You are paying cash for the home, or you are acquiring a small mortgage.
• The home is in close distance to features that might cause subsidence or other structural problems i.e. mines, filled-in gravel pits, rivers, or vibration damage from railways or airplane.

This kind of survey in theory provides the actual state and condition of the property. However, once more make sure you read the small print for exclusions.

Euxton Mortgage Market offers a comprehensive range of products from across the market. We do Not Charge Broker Fees for Mortgages secured against UK property. We are paid commission by the lender when your mortgage transaction is completed. We are dedicated to providing tailored financial advice and the highest standards in customer service.

For more details why not book an appointment to discuss your options in our online diary!

For expert advice on mortgage valuation and home survey advice, contact us on 01257 208946. Our team will take the time to understand your individual circumstances and requirements and base our recommendations on what will work best for you.