Choosing the right report. A Mortgage Valuation is not a survey
If you are buying a property with the help of a mortgage, you may receive copy of a valuation report prepared for your Bank or Building Society. This is not a survey. It is, at the most, a valuation prepared for the Lender based on a very limited inspection of the property, designed only to let the Lender know that it is reasonably safe to lend you the money. There is no client or contractual relationship between you and the surveyor who prepares the report. At worst, and on an increasing basis, the valuation will be prepared on a desktop or drive-by basis or even by computer, and will not include a proper physical inspection of the property you are buying.
Mortgage Valuation Report
This report is produced for use by building societies, banks and other lenders to assist them with a lending decision. It involves, at most, a very limited inspection of the property. As indicated above, properties are increasingly being valued without any inspection at all. If inspected, only major visible defects which will affects value will be reported.
Gateway is on the panel for virtually all High Street banks, building societies, and other lenders, providing valuation reports for loan security purposes. These reports let the lender see that their loan sits within acceptable and safe parameters. It is not a report for the buyer and will certainly not bring attention to defects or other issues that do not significantly affect value. These matters may however be important to a buyer and that is why a Homebuyer Report or Building Survey is strongly recommended.
Buying a home or a property for investment is likely to be the largest purchase you ever make - this is the minimum level of report we recommend you should obtain.
Its completion involves a thorough inspection and focuses on the defects and other issues which the surveyor considers to be significant and/or urgent, and which would have an effect on the value of the property.
The report will highlight the main problems found or suspected, and may recommend further specialist investigations.
Prices start at £325 + VAT
If you require a valuation, this can be provided at additional cost.
A Building Survey is a highly detailed report. It comes in a standard format but can, if needed, be designed around your specific requirements.
It is suitable for any residential property and provides a full picture of construction and condition. It would be sensible to request such a report for an older property, one of unusual construction, or one that has been substantially altered or extended. It is also recommended where you already know there are defects or you are proposing to make significant changes once you have purchased.
The report will include a comprehensive appraisal of construction, a technical analysis of significant defects and advice on further actions. It will also include identification of less significant defects, general disrepair and shortcomings in the physical condition, maintenance and design of the building, as a well as a photographic record of the main defects.
Prices start at £695 + VAT
As with the Homebuyer Report, a valuation can be provided at additional cost as a separate report.
Specific Defect Report
We do not recommend this for people buying a new property as it focuses only on a specific matter of concern that you have identified. Generally, this product is reserved for existing owners. We will come and look at a specific concern that is perhaps giving you sleepless nights, for example a crack that has suddenly appeared.
Product overview Which is the right report for me?
There are essentially two reports that we offer if you are buying a property. The table below is designed to provide some guidance as to which might be the most suitable for you to choose. If in doubt, please communicate with our Sales Team 01293 820233 or email@example.com
|Homebuyer Report||Full Building Survey|
|Confidential report for the buyer as the client|
|Qualified RICS Surveyor used|
|Valuation and insurance figure provided||* Additional charge||* Additional charge|
|Detailed inspection of condition|
|Detailed analysis of the causes of faults|
|Advice on actions that need to take both before and after purchase|
|A full set of photographs of the faults|
|Suitable for condition of standard properties|
|Suitable for older and more complicated properties|
- A mortgage valuation is not a survey and is not a report prepared for you as the client. It may not even include a physical inspection of the property.
- A Specific Defects report is not recommended if you are buying a property.