Valuation survey / surveys

Rapished

Before we got a motgage sorted we'd budgeted 550-1000 on a survey and believe 550 would be a basic and 1k plus a more thourough one,

We now have a valuation survey with our bank who we are having the mortgage with for 350 is this the same thing, or do we need to do another one on top?

amnblog

Get a written report as a minimum.

This called a homebuyers survey and will cost extra.

Your bank can arrange this or you can have it done yourself.

holly_hobby

The mge lender requires a basic survey for mortgage purposes - which is what they have quoted you.

A basic survey is for the lenders benefit (although you pay for it), and as such you don't usually get a copy of the survey. Its purpose is for the surveyor to assess that the property is suitable suriety and in a mortgageable condition for the lender.

Homebuyers - is the next level of survey - can run to several pages, is for your benefit (lender gets an additional basic survey as part of the report) and you have legal recourse with the surveyor.

Full structual - most detailed and costly, recommended for high value and/or older properties, again runs to several pages, lender gets a basic survey as part of the valuation, and you have legal recourse with the surveyor.

Always go for the most detailed survey you can afford is best advice.

Hope this helps

Holly x