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Valuation/Survey Types

When purchasing a property there a three levels of survey that you can carry out. To give you an idea of what type of survey might best suit you here are a list of the different types and what they will offer you.

Level 1 – Basic Mortgage Valuation
This is as it suggests a ‘basic’ valuation, it is the minimum required survey by a mortgage lender. It will primarily look at the value of the property in its current condition. It will not look at any issues of repair that may be required unless it is so severe that it affects the value or saleability of the property.

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Level 2 – Homebuyers Report
As well as valuing the property it will also provide the [applicant(s)] with a clear report of useful information. It will:

  • Show particular features of the property and the general condition
  • Highlight any areas that are affecting value or may need urgent attention
  • Highlight probable legal implications, for example boundaries, that the applicant should get their [conveyancer] to investigate
  • Advice on safety and maintenance

The surveyor will investigate all areas of the property that are reasonably accessible both internally and externally. Where possible the surveyor will also enter the roof void (loft) and comment on the condition of the roof structure.

The services offered in the property i.e. gas, electric, etc will be commented on but not tested.

Outbuildings will be commented on but only if there are serious defects.

The site the property is located on and boundaries and paths with be commented on in relation to any special risks for example large trees.

Level 3 – Full Structural Survey
This report is more suited to large, old or unusual properties and offers a detailed report that can be tailored to individual property or the clients needs. It will look at the same aspects of the Homebuyers report but will go into more depth.

At Charles Conran Financial Services we will always recommend that you take a level 2 valuation as a minimum, to ensure that there are no nasty surprises when you move into your new home.

 
 
Charles Conran Financial Services Ltd is authorised and regulated by the Financial Services Authority (FSA) and is entered on the FSA register (www.fsa.gov.uk/register) under reference 312764.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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