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Valuation/Survey Types

There are three main types of surveys that may be done by a lender when valuing a property;

Mortgage Valuation
This is generally the basic, standard valuation that may be carried out by a lender, normally using a geographically designated panel of approved surveyors. A general overall condition report of the property is obtained but will not normally provide specific reports with regards to the electrics, timber/damp condition or other special areas of interest.

Home Buyers Report
More detailed than the standard valuation and normally twice the cost. Specific details provided as to the condition of individual issues such as electrical condition and timber/damp, as well the overall condition of the property.

Full Structural Survey
The most detailed survey available and the most expensive (usually about three times the cost of the standard valuation). All specifics are detailed, as well as exploration of the drainage system, roof/loft condition and insulation in place.

There are also two other property specific surveys that need to be carried out;
Home Information Pack(HIP) & Energy Performance Certificate(EPC)

Home Information Pack(HIP)
The HIP is compulsory for all homes on the market in England & Wales. It is a set of documents that provides the buyer with key information on the property and must be provided by the seller or the sellers agent.

Energy Performance Certificate(EPC)
The EPC forms part of the overall compulsory documents for the HIP and gives home owners & buyers information on the energy efficiency of their property. It gives the building a standard energy & carbon emission efficiency grade from 'A' to 'G', where 'A' is the most efficient.

All Landlords must now provide an EPC for new tenants or tenancy renewals.

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Nicholas Hall is an adviser with Julian Harris Mortgages Limited who are authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up payments on a mortgage or loan secured on it. Written quotations available on request. All loans are subject to status. Some loans may require assignment of life assurance. Residential Mortgage transactions will not incur a broker's commission fee. THE STERLING EQUIVALENT OF YOUR MORTGAGE UNDER A FOREIGN CURRENCY MORTGAGE MAY BE INCREASED BY EXCHANGE RATE MOVEMENTS. Think carefully before securing other debts against your home.

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