There are many things to think about when buying a property and many people overlook the importance of getting their own independent survey. A lot of buyers assume that their mortgage valuation is enough, but as many later find, it isn’t sufficient for the purchaser of a home.
What is a mortgage valuation?
A mortgage valuation is a survey commissioned by the mortgage lender when a buyer makes a purchase. The valuation is done to ensure that the loan provided by the lender has security, so the valuation will look for anything about the property that may decrease its value as the years go by. The mortgage valuation helps the lender to determine the home’s value so that they have confidence that the money being loaned will be paid back.
What useful information can I get from a mortgage valuation?
As the mortgage valuation is a basic form of survey, the information provided is limited. The valuation is conducted in the lender’s interests, rather than the buyer’s. The mortgage valuation can indicate whether the amount you’re due to purchase a home for is correct. You may not necessarily be given a copy of the report, so don’t assume you will automatically have all the details to keep for future reference. Even if you do see the report, it is not advisable to rely on it for your own protection, it is there for the protection of the lender.
Do I need an independent survey?
The short answer is yes. Whether you’re buying a new build or an older property, it’s still advisable to get an independent survey done. While many people don’t want to add to the expense of moving house, since a home is already a significant purchase, it’s definitely not worth cutting corners. Ensuring you have an independent survey can save heartache, time and money further down the line. After all it is probably the most expensive thing you are likely to buy so why cut corners?
What happens if I don’t get an independent survey?
Failure to get an independent survey that looks further in to the potential defects of a property can be costly. A full independent survey can help you to decide whether you should indeed still purchase your desired home or whether you should make your offer on the property lower. While the independent survey may show no potential issues with your new home, it still offers peace of mind when purchasing.
What will an independent survey cover compared to a mortgage valuation?
An independent building survey will cover many things your mortgage valuation won’t. For example, a mortgage valuation may look at basic things such as whether the house is likely to have any obvious problems such as significant structural failure and then recommend a building survey be undertaken. A building survey will look more deeply in to defects with the property. In most cases identifying the failure, cause, remedial repairs required and budget costs. A qualified surveyor will assess all the elements of the building they can see and access to ascertain a more complex overview of the property’s condition. To find out more about an independent survey for your home, please contact our very experienced team of surveyors.