What does a surveyor do?
A surveyor performs a number of professional activities relating to the built environment, to land, and to property.
All professional surveyors are members of the Royal Institution of Chartered Surveyors (RICS) and Valunation’s RICS-qualified experts specialise in the residential market. We’re able to offer advice to homebuyers, homeowners and other personal customers, as well as to mortgage lenders and other property professionals.
Read a profile of a Valunation Chartered Surveyor
Why do I need anything other than the valuation arranged by my mortgage lender?
Valunation gives you the chance to opt for a professional survey that’s completely independent of your mortgage provider.
Our survey gives you information about the condition of the property in question and a clear summary of the main risks
associated with its purchase – all before you commit to buying.
The problem with a mortgage lender’s valuation is that it only confirms that the property is worth the amount of the loan. The valuation isn’t based upon a full survey and the report may not include details about potential or existing structural problems – issues that could cost a fortune to correct. For more information, see the answer to “What is a mortgage valuation?”.
The Council of Mortgage Lenders advises buyers to “consider having a complete building survey or... ‘home-buyer’s report’ carried out”.
Call us on 0800 083 4004 or look at our at-a-glance guide to choosing the right survey
Haven’t I already paid my mortgage lender for a survey?
Your mortgage lender may have charged you a fee to cover the cost of the lender’s valuation, but this valuation is not designed for your benefit. Rather, it is meant to help the lender decide if the property is suitable security for the loan.
For more information, see the answers to “Why do I need anything other than the valuation arranged by my mortgage lender?” and “What is a mortgage valuation?”.
If my lender offers me a mortgage based on a lender’s valuation, does that mean the property is ok?
It only means that the property is acceptable to the lender as security for the loan. It doesn’t necessarily mean that the property is worth the price you’ve agreed to pay for it.
In addition, it doesn’t necessarily mean that the property is free of defects that might require work now or in the future.
For more information, see the answers to “Why do I need anything other than the valuation arranged by my mortgage lender?” and “What is a mortgage valuation?”.
What type of survey do I need?
There are several different types of survey and we can help you decide which one’s right for you.
Call us on 0800 083 4004 or look at our at-a-glance guide to choosing the right survey
What is market value?
It’s the formal definition of value, specified by RICS) and recognised by the Council of Mortgage Lenders and Building Societies Association.
It’s the value provided to lenders, by a qualified valuer, in a mortgage valuation. Only those RICS members who are part of the Valuer Registration Scheme (VRS) can provide such valuations.
All of Valunation’s 60 professional surveyors are VRS-registered.
What is comparable evidence?
Surveyors use their experience and knowledge to arrive at a valuation, analysing transactions in the market to help support the calculation they make.
This transactional data is known as comparable evidence, and its sources and availability vary across the UK. Where the evidence is available, a surveyor will obtain it from the transactions recorded within statutory records. The surveyor complements this evidence with his or her own knowledge of recent activity in the local market.
The Royal Institution of Chartered Surveyors (RICS) is the body that sets and regulates professional surveying standards, on behalf of consumers and members.
RICS provides the world’s leading professional qualification in land, property, construction and associated environmental issues.
Do I need to go through my broker, solicitor or conveyancer to instruct a survey?
No, you can instruct a survey yourself.
If you’d like us to help you choose the right survey, call now on 0800 083 4004 or look at our at-a-glance guide.
What is a mortgage valuation?
Carried out for lending institutions, this kind of valuation is used solely to establish the suitability of a property for mortgage purposes.
A mortgage valuation requires only a brief inspection, and it will not include comments on the condition of a property unless the issues in question might affect the lender’s security (or unless the lender specifically requests it).
What is a part exchange valuation?
This valuation is primarily for properties that will be used in part consideration for another.
For example, a developer buys a property from an applicant who then purchases a new property from the developer.
What is a relocation valuation?
We would normally perform this type of valuation for companies relocating their employees.
What is a probate valuation?
The executors of a deceased person’s estate may request a probate valuation in connection with a potential tax liability.
A probate valuation can also be used to help determine the value of any interim payment from the estate to the beneficiaries, pending the sale of the property.
What is a market valuation?
This is a valuation of a property, commissioned by either a seller or purchaser, or by a property-owner wanting to establish the market value.
A market valuation does not result from a detailed survey, but only from a limited inspection. It only mentions those defects that are serious and/or visible at the inspection – not all defects.
You should commission a more detailed survey if you require all of the available information on the condition of a property.
What is a matrimonial valuation?
When the current market value of a property is under dispute, one of our professional services team can provide an independent valuation to help the parties arrive at a settlement figure.
Get a quote or contact our experts on 0800 083 4004 or by email: This email address is being protected from spambots. You need JavaScript enabled to view it.
What is an insurance valuation?
An insurance valuation provides an estimate of the cost of rebuilding a property after it has suffered damage (e.g. subsidence, where underpinning is required).
This valuation also includes an estimate for demolition costs and other professional fees, such as architects or surveyors.
Get a quote or contact our experts on 0800 083 4004 or by email: This email address is being protected from spambots. You need JavaScript enabled to view it.
What is an expert witness report?
There are two main types of expert witness report:
- Advisory report – this is usually prepared to help the client assess the merits of the case and to use in any preliminary
discussions or negotiations.
- A CPR compliant report – this is a court ready document complying with section 35 of the Civil Procedure Rules.
Produced following formal instructions, both reports require appropriate wording and possibly an assessment of value based on a retrospective date. The advisory report can be upgraded to a CPR compliant report if the case proceeds to litigation.
Contact our experts on 0800 083 4004 or by email: This email address is being protected from spambots. You need JavaScript enabled to view it.
What is a taxation valuation?
This report can help in the assessment of liability for Capital Gains Tax, be used as the basis for Inheritance Tax planning, or in relation to other tax issues including Self Invested Personal Pensions (SIPP).
Get a quote or contact our experts on 0800 083 4004 or by email: This email address is being protected from spambots. You need JavaScript enabled to view it.
What is revaluation?
Lenders use revaluations to get an update on the value of a property.
What is a remortgage?
This is used when you’re changing lenders but staying in the same property.
What is a further advance?
A further advance arises when you ask your lender to increase the amount of your mortgage.
Your lender may ask for a mortgage valuation at this time.
What is re-inspection?
If you’re renovating a property, or your lender held back part of the mortgage money while essential works were done, the lender may ask for a re-inspection when the work has been completed.
What is repossession valuation?
A surveyor will undertake a repossession valuation on behalf of a lender who has taken a property into possession because the borrower didn’t keep up with the mortgage payments.
What is a drive past/drive-by?
Some lenders will advance money based purely upon a surveyor’s confirmation of value and that a property is where it should be, acquired by simply driving past the address in question. Lenders may also instruct a surveyor to perform a drive past before taking proceedings to repossess a property.
Drive-bys are also used when lenders need to assess their portfolios of loans (the back-book) – something that has to be done regularly to ensure compliance with financial regulations.
Drive past and drive-by assessments are also known as external appraisals.
