Valuation fees and surveys
One of the costs associated with buying a home is the fee you will be charged for a valuation on the property. However we will refund the cost of a basic valuation, regardless of valuation type chosen, upon completion. Below is a description of the different types of valuation and surveys available to choose from.
Basic valuation
- This valuation assesses the value of the property in its current condition. We use
this to ensure the property is adequate security for the loan amount - This valuation does not seek to reveal hidden structural defects or other
issues, and so it is only for our benefit as the lender
Homebuyer's survey
- As well as assessing the basic value of the property, this survey also
tells you if:-
- The property is in a good or poor state of repair or
- There appear to be major or minor defects - Based on these findings and the market valuation, the surveyor will also
give you an assessment of the proposed purchase price
Full structural survey
- In addition to the information in a Homebuyer's survey, this will:
-
- Look at technical and structural aspects of the property
- Investigate any major defect that may prove costly to rectify or repair - With a Full structural survey, if the surveyor fails to list serious existing
faults that you later discover, you will have legal recourse