Mortgage valuations and surveys. What’s the difference?
Serious faults such as structural defects, rot and subsidence are difficult to identify and costly to repair. By not being aware of them, buyers are risking a potential home-buying time bomb. This can cause extreme stress and financial strain on home owners who are often stuck with a property that they cannot afford to repair or may no longer want but cannot sell.
A mortgage valuation is only a brief inspection undertaken on behalf of the mortgage lender and is no substitute for a HomeBuyers Report or Building Survey. Although a valuation may flag up any serious issues that are likely to affect the value of the property, it will not give the buyer a real picture of its condition. Buyers who rely on the limited information provided by a mortgage valuation when committing themselves to such a large investment, are taking unnecessary risks.
If a buyer appoints their own surveyor, on the other hand, this surveyor will act wholly on their behalf and provide the crucial service of impartial advice that will help them make informed decisions.
Items often found on a survey, that buyers may otherwise be unaware of, include poor roof ventilation, blocked gutters or rainwater pipes, unsafe electrics and gas installations, inexpert and unsafe chimney breast removals, the presence of asbestos or cement water tanks, damp, timber decay and other harden to spot nasties.
Anyone buying a property can commission a chartered surveyor to carry out an RICS HomeBuyers Report or Building Survey – the choice of which would depend on the property type and condition. Fenn Wright offers both types. A HomeBuyers Report is the most popular and is most suitable for a modern property, or a standard older building in reasonable condition. A Building Survey (formerly known as a structural survey) is particularly useful for older, larger or non-traditional properties, and those that have been extensively altered – or if the buyer is planning a major conversion or renovation.
Purchasing a property is often an emotional experience and instructing a chartered surveyor to carry out an arms-length survey can really help make sure decisions are made both with the heart – and the head.
For a no obligation chat about choosing a survey for any property you’re thinking about buying, please call a Fenn Wright surveyor today. View contact details.