Barclays valuation/survey

rincha

Hi all, Just wanted to ask as I can't find anything online. I have heard some lenders offer an upgrade to their valuation to also include a survey. Has anyone done this? Does barclays do this type of upgrade as I cant find anything? Is this upgrade worth it or best to get your own? 

Thanks 

K_S

@rincha Can't remember off of the top of my head whether Barclays offers a Homebuyers (it's usually a Level 2 Homebuyer's that's offered as a paid 'upgrade', rarely a full Level 3 Buildings Survey) but generally speaking it's best to get your own so you can decide whether you want a level 2 or 3 survey and pick your own surveyor based on recommendations, reviews, etc.

rincha

Thanks for the reply. My free lender provided valuation was actually yesterday and it didn't even occur to me to enquire about possible upgrades. My broker didn't advise me either. Looking at the barclays website they state they do not offer a survey of any kind. Maybe they dont then.

My thinking was that maybe a upgrade would have been easier and cheaper then me getting my own. Oh well. 

kingstreet

"To be able to lend on a property, Barclays requires a valuation to be carried out. When you apply for a Barclays mortgage, the valuation type depends on whether your mortgage will be on a residential or Buy to Let basis.

The mortgage valuation is our standard report for all residential applications and includes a description of the property, an opinion of the market value of the property as at the date of inspection, and an estimate of the current cost to reinstate the property in its present form (where appropriate).

It’s important to remember that the mortgage valuation is a report which is primarily for Barclays’ purposes and confirms whether the property is suitable security for a mortgage – it is not a survey. As such, we ask that all clients consider instructing a separate survey to provide them with a more detailed assessment of the condition of the property, especially when an AVM has been accepted for lending purposes.

Your client may wish to contact Countrywide Surveying Services on 0800 012 6995, e.surv Chartered Surveyors on 0800 169 9661, or any other provider to discuss the different survey options available. More information on the types of survey available can be seen found on the ‘Home Surveys’ section of the Royal Institution of Chartered Surveyors website.

Please note that if your clients do instruct their own survey, this will be a separate contract between them and their chosen survey provider with separate fees applying. Barclays will always rely on the mortgage valuation for the purpose of agreeing the mortgage."