Valuation information
The level of detail which a surveyor will include in a valuation or survey report, depends on the type of report being carried out. The table here shows you what would be included in a typical report.
Mortgage Valuation (Level 1) - this is a basic property valuation for our underwriting purposes only and may not result in a physical inspection of the property. We may ask a surveyor to carry out an internal inspection or Remote Valuation using property details, previous sale/valuation prices and local area knowledge without visiting the property. Or we may use an Automated Valuation (AVM), a combination of historical and market data to compare the property to others in the local area. A report will only be available if a surveyor visits the property.
If a physical inspection takes place this will be based on a limited inspection and defects that could affect your client’s decision to buy may not be identified. It should not be relied on for their buying decision. There is not the option to choose the type of Level 1 valuation carried out. It is important the client is aware of the different valuation types and limitations of each.
Survey and valuation (Level 2) - This gives guidance on defects and other issues which could affect a decision to buy. We base our lending decisions on the valuation aspects only.
We do not offer a Level 3 Building Survey, the information provided below is for guidance only. If your client would like a building survey please refer to the RICS website to locate a local surveyor. The client will still need to pay us for a Level 1 Mortgage Valuation which is for lending purposes only.
A mortgage valuation is valid for 12 months. If a mortgage does not complete within 12 months of the valuation being carried out then a new valuation will be required, and a new fee potentially needs to be collected. We will advise you at the time if a new valuation fee is required.
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Level 1 Mortgage Valuation |
Level 2 Survey and Valuation |
Level 3 Building Survey |
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What is it? |
Level 1 Mortgage Valuation This is a very brief report on the property and its market value. This report is just for our purposes but your client will be sent a copy. This may not be a physical inspection of the property or produce a report. It's based on a limited inspection of the readily visible and accessible parts of the property, and property defects may not be identified. This level of report may not mention matters that could affect a decision to buy, and it should not be relied upon for the clients buying decision. |
Level 2 Survey and Valuation The survey is for your client and we don't receive a copy. We only receive and make our lending decision on the valuation. The survey gives guidance on defects and other issues that may affect the property. The surveyor will send the appropriate terms and conditions for your client to read, sign and return. |
Level 3 Building Survey The building survey is for your client and we don't receive a copy. We only receive and make our lending decision on the valuation. The building survey is a detailed report on the property, which can be tailored to fit your client's requirements. The surveyor will send the appropriate terms and conditions for your client to read, sign and return. |
Exterior inspection |
Level 1 Mortgage Valuation Brief |
Level 2 Survey and Valuation General |
Level 3 Building Survey Detailed |
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Inspection of |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✖ |
Level 3 Building Survey ✔ Level of detail by arrangement with surveyor. |
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Evidence of major problems e.g. structural movement |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Evidence of major defects |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Roof covering |
Level 1 Mortgage Valuation ✔ From ground level only. |
Level 2 Survey and Valuation ✔ Pitched roofs from ground level and with binoculars. Flat roofs if visible from within property and from using a ladder up to 3m height. |
Level 3 Building Survey ✔ Level of detail by arrangement with surveyor. |
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Drain inspection/test |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ Accessible drain covers are lifted. |
Level 3 Building Survey ✔ Level of detail by arrangement. |
Internal inspection |
Level 1 Mortgage Valuation Brief |
Level 2 Survey and Valuation General |
Level 3 Building Survey Detailed |
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Damp tests |
Level 1 Mortgage Valuation ✔ Limited tests in accessible areas. |
Level 2 Survey and Valuation ✔ Damp readings taken to accessible areas. |
Level 3 Building Survey ✔ Damp readings taken to accessible areas. |
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Carpets moved |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✖ |
Level 3 Building Survey ✔ Level of detail by arrangement with surveyor. |
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Furniture moved |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ Heavy furniture not moved. |
Level 3 Building Survey ✔ Heavy furniture not moved. |
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Roof space inspected |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ Where further investigations are required, limited inspection using loft access point. |
Level 3 Building Survey ✔ With reasonable access. |
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Sub-floor space inspected |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ Limited inspection with reasonable access. |
Level 3 Building Survey ✔ Level of detail by arrangement with surveyor. |
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Doors/window operation checked |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ Sample only, if not locked or painted shut. |
Level 3 Building Survey ✔ Level of detail by arrangement with surveyor. |
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Visual inspection of services, such as electrical equipment and central heating |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
Report |
Level 1 Mortgage Valuation General |
Level 2 Survey and Valuation General |
Level 3 Building Survey Detailed |
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Identify construction |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Detailed analysis of construction |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✖ |
Level 3 Building Survey ✔ |
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Local issues e.g. mining |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Other factors e.g. legal matters |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Advice on urgency of repair |
Level 1 Mortgage Valuation ✖ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ |
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Valuation advice |
Level 1 Mortgage Valuation ✔ |
Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ By arrangement with surveyor. |
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Insurance valuation |
Level 1 Mortgage Valuation ✖ Subject to lender requirements.
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Level 2 Survey and Valuation ✔ |
Level 3 Building Survey ✔ By arrangement with surveyor. |