A guide to mortgage valuation, homebuyer and building surveys
If you're buying a home, you'll need a survey - but what type?
If you need a mortgage, your lender will expect you to have at least a basic valuation survey. Here's what the different types of survey consist of:
Mortgage valuation survey
A valuation survey will be demanded by your mortgage lender so it can find out how much the property on which they are lending money is worth.
Such a survey will typically cost the homebuyer £100-£200; and some mortgage deals come with free valuation surveys.
A valuation survey does not go into detail about the structural condition of the property, or its state.
Structural problems may go completely unnoticed, and a mortgage valuation alone, although relied on by many borrowers, is often insufficient to establish the state of a property.
Homebuyer’s survey
This is the next level up and it will cost a lot more: Typically £300-£500.
A homebuyer’s survey does not cover wiring, drainage or gas fittings, and is generally most suitable for those properties that are under 150 years old and are already in a reasonable condition.
You can often arrange for the surveyor that carries out the valuation survey to do a homebuyer's report at the same time, saving you money.
Comprehensive building survey
Also known as a structural survey, this is the top of the range survey and will cost perhaps double that of a homebuyer's survey.
It will look closely at the structure, and is a good idea for older properties and those that require complete renovation (or that have already been subject to complete renovation).
Some building surveys come with mortgage valuation surveys included in the price.
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