The mortgage lender’s report simply ensures they are not lending you more money than the property is worth. The valuation will take into account the property’s age, general condition and location and will highlight obvious faults. However, valuations are very brief and sometimes only look at the outside of a property. Serious and less obvious faults may be missed.
An RICS Homebuyer Report (HBR) is probably the best and most economical choice for you. HBRs are carried out to standards set by The Royal Institute of Chartered Surveyors and are usually suitable for Victorian property & younger more conventional properties that appear to be in reasonable condition.
The HBR will assess the general condition of the property and highlight any significant or urgent defects or problems, such as damp, woodworm or rot, that may affect the property’s value. The HBR includes the valuation required by your mortgage lender.
A Building Survey is your best choice if your property is:
The Building Survey is more extensive than the Homebuyer Report. It will highlight major and minor faults and advise on the possible consequences and costs that may result. The property will be checked for damp, woodwork and rot and specialist information on the construction of the property and the materials used will also be included.
Please note that the Building Survey does not include a valuation for your mortgage lender, although this can be arranged separately.
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