Why a Comprehensive Building Survey Outshines a Mortgage Valuation?

As you embark on your search for the perfect new home, you may be tempted to rely solely on the mortgage valuation provided by your lender. While this can seem like a convenient option, taking the extra step to commission a thorough building survey can unlock a world of benefits that truly optimize your home-buying experience. In this guide, we will explore why investing in a comprehensive building survey conducted by a trained professional is a wise decision that can pay dividends for years to come.

Many first-time property buyers are confused when selecting between a full building survey and a mortgage valuation. At Chiltern Associates, which provides impeccable property surveys and full structural surveys, we want our clients to understand the differences between these and choose a full building survey to get detailed information about the properties to be purchased.

It is Meant for You

A full building survey done by an experienced and RICS-certified property surveyor is intended for property buyers. Although it doesn’t include property valuation, unless the property buyer requests it, a full building survey provides complete information about the structure and condition of the property.

A mortgage valuation is done by a qualified surveyor commissioned by the mortgage lender. The valuation report is meant for the lender or the mortgage company and not you or the property buyer.

The lender instructs the surveyor to complete the mortgage valuation to get a fair idea that the property is a suitable collateral asset and is worth the price the buyer is paying for it. As a property buyer, you need to request the bank to get a mortgage valuation copy, while a level 3 RICS building survey report prepared by an independent chartered surveyor will be directly given to you.

It is More Detail-oriented than a Valuation Report

When you hire a chartered surveyor near you for a full building survey, they will provide you with a detailed survey report that will highlight all the major and minor structural defects, dampness, roof condition, drainage issues, wiring and testing, internal walls and partitions floors, boundaries, and water supply issues.

Unlike a Full building survey, a mortgage valuation report is not as detailed and will highlight only the more obvious issues. If any such issues likely to affect the mortgage offer are reported in the valuation report, the surveyor will request a further investigation as per the mortgage condition.

It Requires More Time than a Mortgage Valuation

A full building survey involves meticulous inspection of the exteriors and interiors of the property that takes more than two to three hours; a mortgage valuation will only take a few minutes and can even be conducted virtually. However, in most cases, the surveyor needs to visit the building to provide an accurate value assessment of the property.

The Costs

The lender or mortgage company may provide mortgage valuation for free to the client or the client may have to pay for it on behalf of the lender. The client has to pay for a full building survey. However, the RICS Building survey cost incurred for a full building survey is well worth it. It helps you to get an in-depth knowledge of the less obvious structural defects and any repair issues that are invaluable for a property buyer.

You can renegotiate the purchase offer or sale value of the property on which you have previously agreed with the seller before the survey. Also, the survey report will help you save bills from unexpected repair issues down the line after the property purchase.

At Chiltern Associates, we provide full property assessment on-site with detailed site notes and enable our clients to make informed purchase decisions. Besides, we help them understand the future implications of any structural defects in the chosen residential, commercial or listed property and the expenses the repair or renovation work may require.

Rely on a Specialist Surveyor for All Kinds of Property Surveys

Whether you plan to purchase a residential property or a historical property or want to lease commercial properties for rent, Chiltern Associates recommends its RICS Level-3 Survey for all types of properties. That facilitates clients in deciding whether they can go ahead with their purchase decisions, renegotiate the asking price in case of defects or issues, or halt the purchase or lease of the property.

The experienced chartered surveyor of Chiltern Associates- Nina Robinson FRICS MBA provides independent, accurate, and timely commercial and residential surveys that are of great help to her clients.

Besides providing detailed and timely commercial property survey reports, we keep the recorded docs in our system till the property lease ends. In case of any disagreement with the owner at the time of ending the lease, you can show our reports to the owner, which will save you a considerable amount of time and money.

Moreover, we walk the extra mile to help our clients understand every point about the property’s structure and condition mentioned in the report and let them know the implications the defects or property issues may have on future repair costs, the value, and more. When buying historic or listed buildings over 100 years old, getting an RICS Level 3 Survey from our qualified surveyor becomes all the more important.

If you are looking for building surveyors near you in Suffolk or surrounding areas, we are just a call away. Feel free to contact us at 07973 306505 or click on this link and submit the filled-in online form to request a free quotation.

You can send us an email at nina@chilternassociates.com if you have any queries or doubts related to our services. We will be more than glad to help you get an impeccable full building survey at an affordable cost and empower you to make the most of your property purchase.