Homebuyers Guide - Surveys and Valuations
If you are applying for mortgage finance, you should have
been given the option of having a mortgage valuation report as an alternative to
a homebuyers survey and valuation or a building survey. It is strongly
recommended not to accept this option, as the mortgage valuation will only give
you a slim profile of the property. Your best two options, as will be
confirmed by the Royal Institution of Chartered Surveyors, are given
below:
| Homebuyer Survey & Valuation | Building Survey | |
|---|---|---|
| Type of Property | Conventional houses, flats, bungalows, etc., in apparently reasonable condition | Any residential or other property, in any condition |
| Type of service | Economy package in standard form | Custom – made to client’s individual needs |
| Objects of service | To assist client to: (1) make an informed judgment on whether or not to proceed; (2) decide whether or not the property is a reasonable purchase at agreed price; and (3) assess urgent and significant matters before exchanging contracts |
To provide client with: (1) assessment of construction/ condition of the property; and (2) technical advice on problems and on remedial works. |
| Special features | Focus on urgent and significant matters | Details of construction/ materials/defects |
| Valuation | Integral part of Homebuyer Service | Provided as agreed extra |
| Form of Report | Compact, fixed RICS format | Usually much longer, in surveyor’s format |
