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Property Valuations & Surveys

Valuations

All building societies are required by law to undertake a valuation before making a mortgage offer on a property (the same does not currently apply to banks, although almost all will require a valuation). A valuation is not a survey, it is a property inspection undertaken for the sole purpose of deciding on the amount and terms of any loan. Buyers can expect to pay for a valuation to be carried out and are usually given a copy of the report. However, the extent of the inspection is very limited when compared to a survey and no potential buyer should rely solely on the information provided by a mortgage valuation when deciding whether or not to buy a particular property.

Surveys

A survey undertaken by Smart & Bright gives the buyer a professional opinion about the property in question. It should be carried out, and the findings considered, prior to entering into a contractual commitment. Where defects are found, often the purchase price can be renegotiated to reflect the necessary repair work.

The survey is not to be confused with the new Home Information Pack, which contains other essential documents concerned with your move.

There are two types of survey:

A Homebuyer Survey and Valuation (also known as an HSV/HBSV or Homebuyers Report)

A Building Survey.

To discuss the various Valuation/Survey options please call our Professional Services Number on 0845 - 0000000 or fill in the form under the “ Contact Us ” link in the main navigation menu, to e-mail your queries.