Jackie Oliver &amp; Co - Estate Agents

The Survey Guide

Valuations

'A valuation is not a survey'

A Valuation a limited check carried out on behalf of your mortgage lender, to spot anything that affects the security of your mortgage lender’s loan.

They want to know if the property is fit to lend against and worth the amount of mortgage you are asking for. So a valuation simply helps them work out the amount and terms of a mortgage offer.

Your mortgage lender will probably ask you to pay for the valuation and may send you a copy of the report. Structural problems that are critical to you, but of no concern to your mortgage lender won’t appear in a valuation report - which is why you should not just rely on the information provided by a valuation when deciding whether or not to buy a property.

Surveys

Think of surveys as a kind of health check for your prospective home. If you intend to buy, have a survey done and carefully consider the results before entering into a contract (or before making an offer in Scotland). It could save you money. Surveyors should report on all parts of a property that they can easily get to. But they don’t have to inspect areas that are difficult to access.

For instance they won’t:

Lift carpets
Shift furniture
Test wiring and water supply (although they may comment on their condition). But they will use a ladder to inspect roofs up to 3m in height.

There are two main types of survey:

Homebuyer Survey and Valuation (also known as HSV, HBSV or Homebuyer report)
Building Survey

The Homebuyer Survey & Valuation Report (HSV)

An Homebuyer Survey is not a detailed survey of every aspect of the property and focuses only on major and urgent matters. It’s not suitable for many properties that are more than 150 years old; those in need of renovation or that you are planning to alter/extend.

An HSV includes details of:

The property’s general condition
Any major faults, in accessible parts of the property, that may affect its value
Urgent and significant matters that need assessing before exchanging contracts (or before an offer in Scotland) including recommendations for any further specialist inspections
Results of any testing of walls for dampness
Comments on damage to timbers including woodworm or rot
Comments on the existence and condition of damp-proofing, insulation and drainage (although drains are not tested)
The recommended cost of re-constructing a building in the event of damage (such as fire) for insurance purposes. This is not the same as market value of the property
The value of of the property on the open market

Building Survey

A comprehensive inspection suitable for all properties but especially for:

Listed buildings and older properties
Buildings constructed in an unusual way
Properties you are planning to renovate or alter
Properties that already have extensive alterations

This detailed examination of all accessible parts of the property can be tailor-made to suit your individual needs and concerns.

A building survey includes details of:

Major and minor faults
The implications of any possible faults and the possible cost of repairs
Results of any testing of walls for dampness
Comments on damage to timbers including woodworm or rot
Comments on the existence and condition of damp-proofing, insulation and drainage (although drains are not tested)
Extensive technical information on the construction of the property and details about material usedInformation on the location
Recommendations for any further special inspections

Remember: A building survey does not include a valuation, although your surveyor can provide a separate valuation report if you need it.

Property News

No current news stories

Cash for Schools

Jackie Oliver & Co will pledge £100 to a school of your choice when you instruct us to sell your property.

Download a form here


Estate Agents • Lettings & Property Management • Surveyors & Valuers