The Mortgage
Valuations
This report is so often described
inaccurately as a survey, which it really isn’t. Basically,
the valuation report looks at the value of the property and, in
spite of the fact that you generally pay for it is
actually for the benefit of the bank or building society
lending you the money to buy the house. The inspections are
cursory, usually only taking about fifteen minutes to half
an hour to complete.
Make no mistake, the surveyor in this instance is not acting
on your behalf, he is working for the lender. Having
established that the Surveyor carrying out your mortgage
valuation only spends about the same amount of time looking
at your potential purchase as you did when viewing it, and
having established that he is not protecting your interests,
he is working for the lender.
What other options do
you have to protect your investment? There are two types
of survey where the Chartered Surveyor is acting on your
behalf and really working for you (as long as he’s
not doing the mortgage valuation as well, but more about
that later): the Building Survey (formerly called a Structural
Survey) and the Homebuyers Survey. So what does each one
involve and to what are they suited?
Why don't you compare one of our
surveys with one prepared by a mortgage company-owned surveyor
- click
here.
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