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Mortgage Valuations
You will normally have to pay a lender a fee for a 'Chartered Surveyor' to
value your prospective home.
This is mainly done for the lenders benefit to confirm that the property is
adequate security for the loan, but the 'Chartered Surveyor' has a responsibility
to you, the applicant, and is expected to tell you if there are any problems
with the property. This report does not involve a detailed inspection.
The amount you can borrow will be based on the valuation figure in the report
and not necessarily on the provisionally agreed price with the seller.
'Market Value' Valuation Letter
These are for conventional houses or bungalows in reasonable condition when
only a short, very basic, letter is required. These are usually used for cash
purchases, or probate purposes and give little or no description of the condition
of the property.
If a more detailed survey is required of the condition of the property then
a 'Royal Institution of Chartered Surveyors' (RICS) 'HOMEBUYERS' Survey and
Valuation is more appropriate.
The RICS 'HOMEBUYERS' Survey & Valuation
These are an economy package, the objective of which is to assist the purchaser
to :-
(i) make an informed judgement as to whether or not to proceed;
(ii) decide whether or not the property is a reasonable purchase at the agreed
price and
(iii) assess urgent and significant matters which need to be considered before
exchange of contracts.
It focuses on urgent and significant matters as well as the 'market value' of the property. The formal report extends to 9 written pages in a RICS specified format.
Building Surveys and Structural Surveys
These are carried out by Chartered Building Surveyors or Structural Engineers and are to a higher specification than that covered in the 'HOMEBUYERS' Report. Such surveys do not normally include a valuation which is an extra.
As we do not employ a Chartered Building Surveyor or Structural Engineer we
unfortunately cannot carry out such work.