Whilst this is always carried out for the Lenders benefit in order to protect them if you default on the mortgage, if you are purchasing the property without a mortgage this is something you need to consider. This is part of the credit processing to ensure the home exists, has no title related problems (such as flying freehold) and is sufficient security for the loan. It should be noted that in some cases it may not even involve a visit to the property itself!
You cannot instruct a surveyor for the Lenders benefit as this would be a conflict of interest
A valuation inspection is designed to provide you with only a Market Value of the property.
Market Value is described in Section 105 of the 9th Edition of the RICS Valuation – Professional Standards January 2014 (revised April 2015) as follows:
“The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm‘s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”
This type of service is based on a limited inspection and will not give a list of defects and should not be regarded as a survey report on the structure of your future home.
The valuation does not allow you to assess defects that might cost you £1,000’s in repair bills once you get the keys!
For our advice on what types of survey might be suitable for your property and what does it tell me.
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