should I have a survey done?
does my mortgage lender do a survey?
No. All the lender needs is a valuation of the property, so they are comfortable that they are not lending you more than the property is worth. Although you may be paying for it, this valuation is carried out for the benefit of the lender only. It is not a detailed inspection, and it will not necessarily alert you to faults or potential issues with the condition of the property unless it affects its mortgageability.
It is often possible to request that a detailed survey is carried out at the same time as the mortgage valuation. Find your local office and speak to one of our Mortgage Consultants today.
what types of survey are available?
- traffic light ratings that clearly show the different parts of the building, services, garage and outbuildings and will highlight problems that require varying degrees of attention
- a summary of the risks to the condition of the building
- other matters including planning and building control issues and guarantees for your legal advisors
- a market valuation based on the surveyor's professional opinion
- a list of problems the surveyor considers may affect the value of the property
- advice on repairs and ongoing maintenance
- an insurance reinstatement figure
- issues that need be investigated further to prevent serious damage or dangerous conditions
- legal issues that need to be addressed before conveyancing is completed
- information on the location, local environment and where it’s available information on the recorded energy efficiency
how do I obtain a survey?
If you are applying for a mortgage, your Mortgage Consultant can usually organise a survey to be carried out alongside the mortgage valuation. Speak to one of our Mortgage Consultants or estate agency staff at a local office.
Alternatively please call our Survey & Valuation team directly on 01525 218619 they can provide:
- Property Valuations
- Home Condition Reports
- Home Buyer Reports
- Building Surveys
- Scottish Home Reports (with or without a valuation)
Brown & Merry is a trading name of Sequence (UK) Limited is registered in England and Wales under company number 4268443, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05. For the activities of advising on regulated mortgages and non-investment insurance contracts, Sequence (UK) Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221. Most Buy to Let mortgages are not regulated.