Yes, to obtain a mortgage, your mortgage lender will need a basic valuation of the house. So they send someone out to check that your new property is worth lending the amount of money you require to buy it.  This is the purpose of this basic valuation, to see if you can borrow the money to buy the house you want to buy. 

A mortgage valuation is carried out for your lender, not for you. Its purpose is to confirm that the property is worth enough to lend against. The valuer may note a serious problem if it affects the value, such as significant structural movement. They do not inspect the property in detail, test anything or report on general condition. Many lenders now value properties without a visit at all, using a desktop or automated valuation. If you want to know what is wrong with a property before you commit, you need an independent RICS survey carried out on your behalf.

Although this valuation is often referred to as a survey, it is too superficial to merit being called one. Your lender just needs to know that the property they are lending money on exists and it isn’t falling down.  This basic valuation is required by your lender to ensure they are not lending you more money than your property is worth and if you sell they will get their money back.

Yes, is the short answer, although you are paying for this basic valuation, this surveyor is working for the lender, not you. If you want to be safe you need to instruct an independent surveyor.  Although you have been around the house and maybe can see a few faults that you can live with, you need a trained professional who will be able to pick up on the problems and issues you have not even thought of.

A survey is an extra cost, but it is small compared with the cost of repairs you didn’t know about. Problems such as damp, roof defects, structural movement or outdated wiring can cost thousands of pounds to put right once you own the property. A survey tells you about these issues before you exchange contracts, so you can budget for the work, get quotes, or renegotiate the price with the seller. In some cases it will show that the repairs are more than you are prepared to take on, giving you the chance to walk away before you are committed. 

Well, you can either decide that this extra work is too much for you, too much hassle, and too much cost involved, or you could take your report back to the estate agent and see if you could renegotiate your purchase price.

You will receive the RICS Home Survey Level you choose, prepared in line with the RICS Home Survey Standard. Our reports are written in plain English with photographs. Once you have read your report, you are welcome to call us to talk through anything that isn’t clear. If you are unsure which survey suits the property, get in touch and we will advise you before you book.

A home is the most expensive purchase you may possibly ever make. As an owner you will benefit from expert advice on the condition of your property - whether you plan to live in it, rent it out or sell it. Don't take a chance, it could end up costing you more than you think! Having a survey is worth it and could potentially save you thousands of pounds in costly repair bills in the future.