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Valuing the property

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Types of Valuation

Once you have seen the property you like and your offer to purchase the property has been accepted, the property will need to be valued so that the Society can decide on the amount of loan to give you.

There are four types of valuation report:

Valuation Report: This valuation is for mortgage purposes only. It is not a survey and is not based on a detailed examination of the structure of the property. The purpose of the report is simply to allow us to make sure that the property will form adequate security for the loan. However, this does not necessarily mean that the property has no defects nor that it is right for you as a purchaser.
Furthermore, the fact that we grant a loan does not mean that the price you are paying for the property is reasonable.

If this valuation is instructed by us we will give you a copy of the report when we make a Mortgage Offer. However, we only do this as a matter of courtesy. Neither the Society nor the valuers accept any legal responsibility to you or any other person for the contents or accuracy of the valuation.

Condition Report: A concise report which will cover the general condition of the property in an easy to read format and prescribed by the Royal Institution of Chartered Surveyors, including services, garage and outbuildings and showing problems that require varying degrees of attention. The report will summarise risks to the condition of the building and will highlight areas where guarantees, warranties, planning and other consents need to be investigated by our legal adviser. The report does not include a valuation of the property, however, a mortgage Valuation Report for the Society’s purpose would also be provided within the Condition Report fee. You will need to read and agree the more detailed Standard Conditions of Engagement before the inspection takes place.

Homebuyers' Report: This is a more detailed inspection where a comprehensive and detailed report on the state of repair and condition of the property is made. It is based on the Royal Institution of Chartered Surveyors (RICS) House Buyers Report guidelines and covers all areas of the property that can be seen or are easily accessible.

Building Survey (formerly called a Structural Survey): Valuation reports are not comprehensive surveys based on a detailed structural examination of the property. If you feel you would like a building survey on the property (perhaps because of its age or location) you should advise the Society and we will be able to arrange this for you. This type of survey is the one most likely to reveal defects which could be expensive to repair and affect the value of the property. Because of variations in the depth of survey to be undertaken, a one-off fee (payable by you) has to be agreed with the valuer prior to instructing the survey.

Arranging the Valuation

The Society will normally arrange the valuation for you, however if you have already instructed a valuation before you apply for a loan we will still have to make sure that it has been carried out by a valuer who is acceptable to us. We will also have to check that the form of the valuation is acceptable for our purposes.

This will always involve us at least asking the valuer to address their report to the Society. In some cases, we will require the valuer to produce a report for us as a different format to that which he has produced for you. Some valuers make an additional charge for this and you will have to pay this.

Paying for the valuation

You will be responsible for paying for all the fees in connection with any valuation report or survey report. This is the case even if we instruct the valuation or survey for you and even if you do not buy the property which is valued.

The Society's staff will be able to advise you of the fees for Valuation Reports, Condition Report and Homebuyers' Reports and the fees are also stated in the Society's leaflet Mortgage Valuations leaflet.
The Society's staff can also find out the cost of a Building Survey.