A Mortgage
Valuation
This is often called a
survey,
building society survey, bank survey or a mortgage survey. These
phrases
will very often be used by an estate agent or the layman. However, a
mortgage
valuation is not a survey.
A mortgage valuation is a very brief inspection of a building to advise of its value and suitability for a mortgage loan. The valuer will not be interested in reporting defects that do not affect the value to a significant extent and the valuer will not be looking for latent defects.
The inspection for an average sized property will last only some twenty minutes or so. This time scale gives a good indication of the limits of the inspection.
Whilst it is normal these days for the lender to provide a copy of the valuation report to the borrower this has not always been the case. The report, whilst of interest, does not contain sufficient information for an intending purchaser to form a view as to whether or not the property is a good proposition for purchase.
A prudent purchaser will obtain a survey for proper advice. This is always recommended on the mortgage valuation report.
A Building
Survey
This is commonly referred
to as a structural survey although nowadays is more correctly called a
building survey.
The survey is carried out under our own Terms
of Engagement
A building survey is suitable for any type of property. It is a very detailed inspection and report upon the construction, condition and repair of a building. The report will detail both major and minor items of repair together with advice on potential problems.
As a rough guide the time taken to carry out an inspection, on an average sized property would be in the region of three hours. The time could of course be longer than this depending on whether major problems are encountered.
The format of the report will be on the company's paper and normally extends to twenty or so pages for the average sized property in average condition. Our building surveys include an appendix containing photographs of defects and any particular points of interest. This can often be useful.
After the receipt of the report we are only too happy to discuss aspects that may be unclear or to provide further advice.
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