Building Surveys and Valuation Reports:
Mortgage related Surveys and Valuations:
Mortgage surveys are an important part of the home buying
process, and you have a number surveys you can choose from. Your mortgage
lender will insist that a basic mortgage valuation is instructed in
order to ensure the property you are buying is worth what you have agreed
to pay.
Mortgage Valuation Report
A mortgage valuation is a compulsory report carried out to confirm how
much the property is worth. This is a basic inspection on the value
and condition of the property to ensure that the property is good security
for your mortgage.
Caution:
A valuation report does not go into detail about the condition of the
property hence structural problems may go completely unnoticed.
Homebuyers Report
This type of survey is conducted to a standard form created by RICS
(Royal Institute of Chartered Surveyors.) A homebuyers report is often
suitable for properties which are less than 150 years old and which
are presented in reasonable condition. A Homebuyer’s report does
not cover wiring, drainage or gas fittings and may not be suitable for
properties requiring complete renovation. Most lenders are happy to
organise a Homebuyers report alongside the mortgage valuation.
Building Survey
Building surveys are a thorough, comprehensive type of survey. They
include a full structural inspection, and are suitable for all types
of property. This includes older properties and properties which are
of non-standard construction. Building Surveys are usually arranged
separately to the mortgage valuation, in many cases by a different Surveyor.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Smaart Associates is authorised and regulated by the Financial Services
Authority (FSA registration number 300530). The FSA does not regulate credit
cards, personal loans or some investment mortgage contracts. Some Buy To Let
mortgages are regulated by the Consumer Credit Act (CCA).
By following some of the links from this site you may be directed to
services provided by a third party. Where this occurs we are not responsible for
the information provided and accept no responsibility for its accuracy.
Smaart Associates is the trading name for Smaart Associates Ltd. Registered
in England No: 4325522. Loans are subject to status, type and value of property.
Insurance may be required. Minimum age 18.
Head office:
Smaart Associates Mortgage Brokers,
MWB Exchange, No 1, Farnham Road,
Guildford, Surrey,
GU2 4RG
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