It is understandable that a mortgage lender will have a strong interest in the condition of the property you are looking to buy. Therefore, when you apply for a mortgage, the lender will hire a surveyor to examine the property for them. This will ensure that the value of the property has been professionally considered and this helps the lender to determine if they are happy to lend against the property.
While the condition of the property is hugely important, it is also considered with respect to local homes and local prices. There is a need to place a relative value on a property, and therefore, many lenders will employ a specialist with knowledge of homes in the local area.
If you are buying a home, it is important to find out if you are expected to pay for the mortgage valuation. This is the case for many lenders, and this is another cost that you must factor into your calculations when looking to buy property.
The mortgage valuation is for the lender only
However, even if you have just paid for a mortgage valuation, you shouldn’t rely on the mortgage valuation to inform your decision about buying the house. The mortgage valuation is only of benefit to the lender and there is a good chance that you won’t get to see the valuation, even if you did pay for it. The mortgage valuation provides the lender with information that allows them to decide whether to lend money so that the buyer can purchase the house.
The mortgage valuation doesn’t take too long, only around half an hour and the report is usually no more than three pages long. Even if the mortgage valuation provided information about concerns or issues about the property, it is unlikely that the buyer would be informed of these details.
Get help from a professional when buying and valuing a home
Therefore, it would be wrong for a buyer to rely on a mortgage valuation. It is vital that the buyer obtains a survey or report of their own, and it is essential that they enlist the services of a RICS surveyor to carry out the work.
A failure to do so could be extremely costly for the buyer. Purchasing a home is expensive enough when everything runs smoothly but if problems arise, or are not found initially, buying a home can be an expensive nightmare.
Hiring a professional to carry out a survey ensures that you receive information that is relevant to your needs and that the surveyor is working on your behalf. A study suggests that homeowners who don’t arrange a survey for their home end up paying £5,750 in repairing problems or defects that they didn’t see when looking at the home. Therefore, there is a clear benefit that comes from obtaining a survey when buying a home.
If you are a development firm or you have properties to sell, turn to an expert who provides surveys that offer confidence to buyers. If you are confident about the standard of your homes, prove it by enlisting professionals to carry out surveys on behalf of buyers, and showcase the standard of your work, and the homes, to prospective property buyers.
At H.I.C.H. LTD, we know the importance of surveys and reports, and we are here to provide confidence to all buyers and professionals in this field.