If you’re buying a home or taking out a mortgage to raise capital, we will usually arrange for a surveyor to prepare a Valuation Report on the property for us. You can also arrange for a professionally qualified surveyor or valuer to inspect the property for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our valuation is a very brief report on the property's condition and its market value based on a limited inspection of the readily visible and accessible parts. You will be sent a copy, but it's important to understand that the report is not a detailed survey - it is just for our purposes to help us assess if the property is adequate security for the money you want to borrow.
There is normally a fee for a Valuation Report which you will need to pay us when you
apply for your mortgage(see table below).
We recommend that you arrange a more detailed report into the property's condition than the Valuation Report. We've outlined the other types of report available below:
A Survey and Valuation report is for you and we don't receive a copy of the survey. It is produced in an easy-to-follow format and will give you guidance on defects and other issues that should help you in your decision to buy. There are set fees for a Survey and Valuation depending on the value of the property (see table below).
This is an even more detailed report on the property, which can be tailored to fit your requirements. Again, the report is just for you - we don't receive a copy of the survey. If you choose a Building Survey and Valuation, you will have to agree the additional fee for the Building Survey with the surveyor. Because both a Survey and Valuation, and a Building Survey and Valuation are for you, the surveyor will send the appropriate terms of engagement direct to you for you to read, sign and return to them. Sometimes investigations reveal structural defects in the property. If that happens we may not release the mortgage money until the defects have been fixed. You may have to pay re-inspection fees if we decide that further inspections by our valuer are needed before all the mortgage money can be released.
If you are remortgaging to us, we will arrange a property assessment for our own purposes based on the information you give us, we may charge a fee for this. You must not rely on the fact that we may be prepared to make you a loan as any indication of the value of the property. You may want to get your own valuation advice.
Subject to status and lending criteria
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