What type of Valuation Reports are available and how much do they cost?

Your property must be inspected on behalf of the Society. There are three types of survey report that you can choose from:

The Mortgage Valuation Report

Standard report to assess the value of the property for mortgage purposes. This report may not reveal serious defects and there may be important inaccuracies or omissions. It is not a Structural or Building Survey Report and will be based upon a limited inspection.

We always strongly advise applicants to obtain their own report on the condition and value of the property they wish to purchase, based on a fuller inspection. You can make your own arrangements, or if they prefer, the Society can arrange a Homebuyer Report or a Full Building Survey in conjunction with the mortgage valuation.

The Homebuyers Report

A Homebuyer’s Report provides more detailed information for you on the condition of the property. The valuer will obtain an authority to undertake the Homebuyer report direct from you.

A Homebuyer report may be unsuitable for some older or large properties, but the valuer will inform you if this is the case.

The report will provide you with a concise report on the state of repair and condition of the property, together with an opinion of its open market value. You will also be advised as to whether the agreed purchase price is realistic in all the circumstances.

Major defects noted in the building will be listed in general terms, with recommendations which may involve seeking specialist services. The report will not list every minor defect observed and it must be emphasised that it is not a structural or building survey. The valuer will forward the report direct to you.

We do not need to see the Homebuyer Report as we will obtain a separate Mortgage Valuation Report usually from the same valuer.

Full Building Survey

Full building surveys usually take much longer than the inspection for the statutory Mortgage valuation Report and can vary considerably in the amount of work involved, e.g. they may or may not include tests on drains, electrical and heating systems etc.

As such there is no set fee scale for full building surveys, so the fee has to be negotiated between you and the surveyor. The surveyor will agree terms and conditions of engagement direct with you and collect the fee direct.

We do not need to see the full building survey as we will obtain a separate Mortgage Valuation Report (usually from the same valuer), but for this we will still charge the standard fee for a Mortgage Valuation Report.

Automated Valuation Models - AVM's

Available for re-mortgages where loan to value will not exceed 60%. An administration fee of £50 is charged when not part of a Fees Free Package. No copy report is issued.

Valuation Timescales

Providing the Valuer can gain access to the property, valuations normally take 3 to 4 working days to complete.

For information on prices please see the attached Valuation Fee Scale.

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