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What is a Valuation and why do you need one ?

Mortgage Valuation / Survey

Mortgage Valuations explained

Virtually all mortgages will be subject to a valuation so you should really understand what it is and why it’s required.

Below we explain the differences between a basic valuation and a survey including what each one contains and when they would be most suitable.

A Basic Valuation

A basic mortgage valuation is carried out on your Bank or Building Societies behalf and is not for your benefit at all.

The purpose of a valuation is simply to confirm that

the property you are trying to purchase is worth approximately what you have offered to pay.

It will also contain basic details regarding the construction of the property ie walls are made from brick and the roof is constructed from slate etc.

Depending on the mortgage product the valuation could be free or you may have to pay for it, a basic mortgage valuation typically cost around £150 but can be much more expensive depending on the size of the property and the deals available.

Lenders will disclaim all responsibility for the properties condition on a basic valuation.

A Home Buyers Report !

A Home Buyers Report will be much more detailed than a basic valuation.

The surveyor will be looking for problems such as damp or subsidence and will also recommend that repairs should be carried out where necessary.

A Home Buyers Report is a non-intrusive survey so the surveyor will only be reporting on surface problems they will not be looking under floorboards or moving furniture to inspect underneath.

You may be entitled to some type of limited recursive action should your surveyor be deemed to have been negligent in their duties.

A Building Survey

A building survey is the most expensive type of survey and is usually only requested by those who are buying and especially old or unusual property.

A building survey will examine everything from the structure of the property to the attic and under the floorboards, the report will include estimates for any necessary repairs and how long they would take.

A building survey will entitle you to claim against a surveyor who fails to spot problems which are deemed to have been there when the initial survey was carried out, for example, damp, infestation or woodworm.


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