General overview of surveys

What is a survey?

A survey is intended to be a detailed inspection of a property’s condition. The surveyor will inspect the property and tell you if there are:

• Structural problems like walls almost falling down or subsidence
• Major repairs or alterations needed like roof or chimney chute repairs, or rewiring
• Expert commentary on the property, from the type of wall to the type of glazing

Who does the survey?

Surveys are carried out by one of our approved RICS Chartered Surveyors from within our nationwide network of experienced surveyors.

• Surveys are always carried out by RICS qualified surveyors
• Most surveyors are within a specific local radius to the property
• All our RICS qualified surveyors carry professional indemnity / public liability insurance
• Our surveyors must be manually verified and approved before we allow them to take on surveys

What is a mortgage valuation?

• Mortgage valuations are not surveys – they are just cursory looks at a property to assess how much it is worth, with a note about any major works that might be necessary and would affect its value
• If you get a mortgage, the lending company will insist on using people they have contracts with to conduct the mortgage valuation, to ensure the property is sufficient security for the loan
• You will usually have to pay for this, though some lenders will cover some of the costs for you, especially if they are trying to attract your custom. Some lenders allow you to add the cost of the valuation onto your mortgage and pay it off over time
• Valuations from mortgage companies can be shockingly expensive given that so little work is involved in doing them, but buyers have no choice but to get them
• Different lenders can charge very different amounts for mortgage valuations. But, while you should be aware of the valuation costs, you should not choose a worse value mortgage based on saving a few hundred pounds. A lower interest rate will save you far more in the long run
• Particularly in a difficult property market, mortgage valuations are often incredibly cautious, putting a deliberately low value on the property. This is to reduce risk for the mortgage company, but can cause problems for homebuyers if the value says the property is not worth what they are paying for it