THE MORTGAGE VALUATION
The main purpose of a mortgage valuation is to confirm to the lender whether or not the property is suitable security for the money to be borrowed. Whilst the valuer will take into account the general condition of the building this will only be based on a brief and superficial inspection of the property. If you require a mortgage, a valuation report will need to be prepared by a surveyor/valuer and this can only be commissioned via your bank or building society. It is very important to bear in mind that a mortgage valuer is working for the lender not you! A Valuation is NOT a Survey.
RICS CONDITION REPORT (SURVEY LEVEL 1)
This report is not currently offered by Sheffords as it is not considered suitable for much of the housing stock in our area.
THE HOMEBUYER REPORT - SURVEY (SURVEY Level 2)
Sheffords are now offering a new RICS product which is a Level 2 Survey without the valuation element. This concise report focusses on the condition of the property and aims to allow you to:
• make an informed decision on whether to go ahead with buying the property
• take account of any repairs or replacements the property needs; and
• consider what further advice you should take before committing to purchase the property.
The report does NOT include a valuation or reinstatement cost assessment of the property. This report is not suitable for pre 1920s properties or if you wish to significantly alter the structure of the property.
THE HOMEBUYER REPORT - SURVEY & VALUATION (SURVEY Level 2)
This is a concise survey report in a format drawn up by The Royal Institution of Chartered Surveyors. It provides the prospective purchaser with information on the general condition of the property, any significant factors likely to materially affect the value of the property and an insurance valuation. Information is provided in a simple and straightforward layout, both easy to read and understand. The report is based on a visual inspection of as much of the interior and exterior of the building as is accessible. It is particularly suitable for smaller residential properties built after 1920. This report includes a valuation of the property and a reinstatement cost assessment.
THE BUILDING SURVEY (SURVEY level 3)
(formerly known as a Structural Survey)
This is suitable for all types of residential property and is based on a detailed inspection of the building in as much depth as possible, and provides a full picture of the construction and condition. Where necessary we can bring along specialist contractors to test drains, electrical wiring, plumbing and heating systems. These inspections are undertaken by specialist contractors under our supervision. The report will include guidance on maintenance and remedial works and detailed comments on any defects. Typically building surveys do not include a market valuation or insurance valuation. We are happy to comment within our reports on specific points of concern raised by our clients. A valuation can be added to a Building Survey as a 'bolt on' service.
Click here to download the Sheffords Home Survey Guide