MVR / Proper Survey

Technaut

hi,

Whats the differrence between a mortgage valuation report and a proper survey?

We are buying a flat in scotland and want to make sure we got an appropriate check done on the property before it is bought.

Many thanks
Stu

Melissa177

Hi,

A mortgage valuation is where the lender checks that the property is worth what you've agreed to pay for it. You don't get any details other than that the mortgage company is satisfied the property is worth XXX pounds. You will need to pay the mortgage company for this (some lenders refund the valuation at the end, which is good).

A proper survey is a survey which will look at all the defects in a property - you can have a full structural survey on a house, or a homebuyers report. A homebuyers report is less detailed, and is suitable for newish properties, I think. A full structural survey is more expensive, and looks at the structural integrity of the building.

Hope this helps - others may be able to provide more information!

Technaut

thanks for the info, I think my mortgage advisor is advising me to get a homebuyers report but the proprty is about 50 years old and I think I'd like to spend the extra £200 or so to get the extra full blown survey.

anyone else have more info?

marybishop

Check out the RICS website https://www.rics.org for info on the difference between the HBS&B and Building Survey (full structural survey).

Technaut

after reading that site it seems that a Homebuyer Survey will be sufficient for my needs. I'm going to phone the surveyors in the morning and make sure this is what they are doing and it's not just a valuation thats being done.

thanks for the help folks :T