Standard Valuation

doelani

Can someone explain to me the difference between a survey and Standard Valuation?

sorry if sounds silly but we have applied to remortgage and do equity release, had call today to say someone could come tomorrow, I thought they said for a survey but on reading keyfacts for the mortgage it says " Free Valuation"

Does a Standard Valuation still mean he will need to go into loft etc? Should have paid more attention today on phone :rotfl:

thanks

UK007BullDog

Its a basic valuation. Which means a surveyor will come round and look around. He/she might want to go into the loft but it is up to them.

A survey is a valuation.

There are 3 types of surveys or valuations. You seem to be getting the basic one if the lender is paying for it.

doelani

thanks again , just wish I did not have to be here tomorrow. I just get nervous taht things will not go to plan :rotfl:

TBeckett100

it will be a cursory look round, with remortgages they usually do a drive by to see it is still standing,

doelani

TBeckett100 wrote: »

with remortgages they usually do a drive by to see it is still standing,

I know people who has remortgaged before and was just a drive by but they acually phoned and said would be here between 11.00am and 1.00pm so must be coming in . Hope we should be ok, houses in my street on market for £190k and we said ours was worth about £150k and looking to borrow £80k so not like we want to borrow near the value. Just have to wait and see.

thanks for reply

UK007BullDog

Make sure the place is clean and tidy inside and out, smells fresh and airy.

Then relax and let them have a look. If he/she is not a chatty type then let them be. If you talk too much they might think you are trying to cover up something and distract them. Dont know if that is true but have been told so.

UK007BullDog

I think there will be more physical visits than drive bys because housing sales have gone down, so more surveyors twiddling their thumbs.

sassybooboos

just had mine done on house im going to buy only a basic .

from my understanding from info my broker sent me.

basic valuation is a quick look round check for damp, check for subsidence although not thorough and they look at roof from ground level.

middle valuation similar to basic but they go up 3 metres on a ladder to look at roof (wow)

top valuation. check damp etc checks windows open light switches work and look at roof from 3 metres up ladder, a bit more in depth but i didn't think was worth the extra £500 pound but there may be different companys that do it differently.

you could always get your own surveyor at extra cost

TBeckett100

sassybooboos wrote: »

just had mine done on house im going to buy only a basic .

from my understanding from info my broker sent me.

basic valuation is a quick look round check for damp, check for subsidence although not thorough and they look at roof from ground level.

middle valuation similar to basic but they go up 3 metres on a ladder to look at roof (wow)

top valuation. check damp etc checks windows open light switches work and look at roof from 3 metres up ladder, a bit more in depth but i didn't think was worth the extra £500 pound but there may be different companys that do it differently.

you could always get your own surveyor at extra cost

i was told my surveyor wont go above 3m. I asked for a 12 foot tall surveyor to do it, but the woman on the line had no sense of humour

doelani

thanks everyone,

had dampproofing done when we moved in 8 years ago so guess should have paperwork for it just in case, will have to look it out. Any work that needs done now is decorating and some replastering , but guess in house over 100 years old that is normal .

TwelfthMan

On remortgages the lender I currently work for asks for the following depending on LTVs

1-50% Database Valuation
50-65% External Appraisal (drive by)
65-95% Mortgage Valuation (visit and inspect property)