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

This is the minimum requirement for most Lenders and a legal requirement for Building Societies. The report enables the Society to decide whether or not the property you want to buy is suitable security for a mortgage.

The Homebuyers Report

If you require a more detailed report, you will need to request a Homebuyers Report. This report will give you a general opinion on the quality and condition of the fabric of the property. This is more expensive than the basic valuation but could give you the opportunity to negotiate a lower price should this report advise any problems.

The Structural Survey

This type of survey is carried out at your request and is used to ensure that the property is structurally sound. As these reports do not give either the value of the property or the insurance replacement value, they should be read in conjunction with either a Valuation Report or a Homebuyers Report.
Fees will vary according to the age, size and type of property but will be more expensive than the Report and Valuation for Homebuyers.

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.
From 1st August 2007 valuation fee scale.

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