Q. My mortgage lender is organising a valuation and a person is coming to inspect my property.
A. Yes, to obtain a mortgage, your mortgage lender will need a basic valuation of the house. So they send someone out tocheckthat your new property is worth lending the amount of money you require to buy it. This is the purpose of this basic valuation, to see if you can borrow the money to buy the house you want to buy.
Q. Will this basic valuation tell me what is wrong.
A.This basic valuation just tells you if your lender will give you the amount of money you require to buy to the new house, or they tell you if your house is un-mortgageable or if it has major structural defects.
Q. My mortgage lender has sent a surveyor round. Will they not point out the problems?
A. Although this valuation is often referred to as a survey, it is too superficialto merit being called one. Your lender just needs to know that the property they are lending money on exists and it isn’t falling down. This basic valuation is required by your lender to ensure they are not lending you more money than your property is worth and if you sell they will get their money back.
Q. So let me get this straight, I pay for this valuation and then I really need another one?
A. Yes, is the short answer, although you are paying for this basic valuation, this surveyor is working for the lender, not you. If you want to be safe you need to instruct an independent surveyor. Although you have been around the house and maybe can see a few faults that you can live with, but you need a trained professional who will be able to pick up on the problems and issues you have not even thought of.
Q. Okay, but this is just another added cost to already an expensive process!
A. Yes, but this more detailed survey could actually save you money. You may be thinking you are moving into your dream home, but you will kick yourself later, if you move in and find problems that could cost you thousand of pounds you haven’t budgeted for. At least if you have a professional detailed survey you will be aware of any extra costs and work which requires doing. You may even find you don’t go ahead with your purchase as carrying out repairs is far too expensive.
Q. I like this house I have found, what happens if I have the survey and problems are discovered.
A. Well, you can either decide that this extra work is too much for you, too much hassle, and too much cost involved, or you could take your report back to the estate agent and see if you could renegotiate your purchase price.
Q. When I instruct you to carry out my survey, what to I get?
A. When you instruct us to carry out a survey on your house, we automatically carry out the most comprehensive report we can, combining all the RICS levels: So all aspects of Survey level one: RICS Condition Report, all aspects Survey level two: RICS HomeBuyers Report (apart from the valuation) and all the Survey level three RICS Building Surveyare in your report. We do however levy a small charge extra if you require a valuation, as additional work is required, and we call this our Homebuyers report.
Q. I can see some problems myself, so do I really need a report?
A. A home is the most expensive purchase you may possibly ever make. As an owner you will benefit from expert advice on the condition of your property - whether you plan to live in it, rent it out or sell it. Don't take a chance, it could end up costing you more than you think! Having a survey is worth it and could potentially save you thousands of pounds in costly repair bills in the future.