Understanding which valuation is right for you

When purchasing a property you will normally have a choice of three different types of valuation.

  • Mortgage Valuation – This is simply a statement by the lender that they consider the property to be worth a a particular sum and that the property is suitable for mortgage purposes, they make little or no comment as to it’s structural condition. This is carried out by a Chartered Surveyor appointed by the lender, paid for by the borrower and remains the property of the lender in most cases.
  • Home Buyers Report – This is a rather fuller report which will be reasonably detailed and which should pick up any matters on which you need to have further investigations such as subsidence, serious damp, woodworm etc. This is normally carried out by the same Chartered surveyor who carries out the mortgage valuation, but he is paid by the purchaser to provide a report upon the condition of the property.
  • Full Strucrural Survey / Building Survey – This is unfortunately the most expensive form of survey, normally carried out by a Structural Engineer. This will give the fullest and most detailed information on the property you intend to buy. This is undertaken independently of the mortgage lender, for the sole benefit of the purchaser.

In the majority of cases you should need no more than a Home Buyers Report, however the older or more unusual the property the cost of a full Structural Survey may be money well spent.

Please remember a consultation with unlimited advice is always free without any obligation at Westexe Mortgages, we do not charge any upfront fee’s for this.


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Posted on November 28, 2017 by Peter Marriott, in: Staff posts

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