The Home Buyer’s Valuation and Survey Report is ideal for buyers who cannot afford a full survey, but would like to opt for something more reliable than the valuation report presented by the lender. A lender instructs his valuer (albeit at additional fees) to undertake a survey along with the mortgage valuation, thereby saving time and money for the client. The Home Buyer’s Valuation is indeed a better option than a mere valuation, but is still superficial compared to a full survey.
Full survey
A full survey helps a client determine everything related to the property including structural strength, condition of existing gas and electrical systems, property valuation, etc. The average cost of a full survey can be anywhere around £800 and that is probably why most home buyers shirk from opting for one. But it helps to save thousands of pounds spent on structural repairs that could have been identified during a survey.
Valuation provided by the lender
In order to establish that the mortgaged property is an adequate security to the loan amount, lenders commission a valuer. The valuer’s report can be availed by the buyer for a fee. But this report merely assesses the value of the property and does not contain information that is adequate enough to allow a buyer make a reasonable judgement on the purchase. Details such as structural safety etc. are not provided.
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