Mortgage Valuation

Rather than a survey, a mortgage valuation is a limited report used to guide lenders in the value of the property for loan purposes only.

Whenever a house buyer arranges a mortgage, their mortgage lender will commission a surveyor to provide a basic mortgage valuation on the property to ensure that it is worth the amount the house buyer is seeking to borrow. As this valuation is not a full survey, it will not to go into any detail about the state of the property.

A detailed inspection of the property is not carried out and only major visible defects will be noted. The surveyor will not inspect under-floor areas, communal roof spaces or other parts not readily accessible. The exterior and roof of the property will be inspected from ground level only.

Most people rely on a Mortgage Valuation Report in the mistaken belief that it is a survey. Except when buying a new or nearly new property that has the benefit of an NHBC or equivalent certificate, we recommend that prospective purchasers of property should consider some form of survey and not rely entirely on a valuation carried out for mortgage purposes based on a restricted inspection.

HouseBuyers Report

A Scheme 2 survey is a more detailed report than a mortgage valuation.

Under a Scheme 2 survey, a chartered surveyor will undertake a thorough inspection of the property so that any defects that might not be identified in a mortgage valuation report will be noted. Our Scheme 2 report and valuation is in a standard format designed specifically as an economical survey and as a cost effective way to minimise risk.

Roof spaces will be fully entered where accessible and trap doors will be lifted where reasonably possible and visible. The nature of service installations, such as wiring, drainage and central heating, will be examined and commented on but not tested. Although this report focuses on significant matters affecting the value and urgent items of repair, even where the latter does not affect value, the surveyor will also give a professional opinion about the particular features of the property which affect its present value and may affect its future sale.

Building Survey

This is a very detailed report. The surveyor will closely examine the structure and condition of the building and in some cases may recommend specialist reports for drainage, electrical systems, central heating and timber infestations.

Whilst some restrictions may still exist to prevent inspection, within limitations, the survey will be complete. The inspection may take several hours and involve some limited disturbance of the building itself.

A building survey is considerably more expensive than any other type of report in recognition of the work involved. Building surveys are rarely instructed in Scotland due to potential abortive costs in the buying process. On occasion, however, they are essential, such as for a very old, large and/or unusual property.

A building survey will not normally include a valuation but this should be requested at the time of instruction if required. We employ a number of building surveyors with the requisite experience and expertise to undertake this type of inspection. Fees for structural surveys should be arranged specifically and fully discussed prior to finalising any instructions.

For more information you should contact your Chartered Surveyor directly at any of our offices and we will be pleased to discuss full details of services available and costs involved.