Types Of Valuation

When you have chosen the property you wish to buy, the Furness will arrange a mortgage valuation report. We need this report to decide how much we can lend. There are additional types of report that you can request. Please read carefully the following descriptions and decide which report best suits your needs. 

All valuations or surveys instructed by the Society are carried out by qualified surveyors who are members of the Royal Institution of Chartered Surveyors (RICS).

1. Mortgage Valuation Report

The purpose of the valuation report for a mortgage is to enable the Society to assess the security offered by the property for the proposed loan.

It is not a survey but a valuation report. You must not assume that, if defects are not mentioned in the report, all parts of the structure are free from defect. Where your attention is drawn to some defects it does not mean that other defects may not exist. Moreover, services such as gas or electric have not been tested.

If you are proposing to purchase the property and you wish to be satisfied as to its condition, you should obtain a more detailed report of your own before deciding whether to enter into a contract. If the property is of architectural or historic interest, or listed, or is in a conservation area or of unusual construction, appropriate specialist advice should be sought before carrying out works.

N.B. Mortgage Valuation Reports are carried out in accordance with the R.I.C.S. Appraisal and Valuation Manual, and the Valuer is entitled to make assumptions which may, on further investigation, for instance by your legal representative, prove to be inaccurate. Any exception is clearly stated.

The Society’s valuation fees include VAT (if applicable) and a £75 administration charge.

If you want a more detailed survey of the property, you may choose one of the following options:

2. Homebuyer’s Survey and Valuation

Choose this report if you would like more extensive information whilst buying or selling a conventional house, flat or bungalow, built from common materials and in reasonable condition. 

It includes:

  • the surveyor’s professional opinion on the ‘Market Value’ of the property
  • an insurance reinstatement figure for the property
  • a list of problems that the surveyor considers may affect the value of the property
  • advice on repairs and ongoing maintenance
  • issues that need to be investigated to prevent serious damage or dangerous conditions
  • legal issues that need to be addressed before completing your conveyancing, and
  • information on location, local environment and the recorded energy efficiency (where available)

The Society’s valuation fees include VAT (if applicable) and a £75 administration charge.



3. The Building Survey Report

You may want to choose a Building Survey if you’re dealing with a large, older or run down property, a building that is unusual or altered, or if you’re planning major works.  It costs more than the other reports because it gives detailed information about the structure and fabric of the property. This survey is normally carried out by a qualified Structural Engineer,  Chartered Building Surveyor or Chartered Valuation Surveyor with appropriate experience.

It includes:

  • a thorough inspection and detailed report on a wider range of issues.
  • a description of visible defects and potential problems caused by hidden flaws.
  • an outline of repair options and the likely consequences of inactivity and
  • advice for your legal advisers and details of serious risks and dangerous conditions

An RICS Building Survey does not include a valuation, but your surveyor may be able to provide this as a separate extra service.  Estimated costs of repairs may also be included as an option.

Should you require a Building Survey Report you should advise us of this and we will arrange for you to discuss your requirements with a surveyor who will advise you of the costs involved.  It is essential for you to issue proper instructions to the Surveyor or Structural Engineer detailing your particular requirements.  Fees and Terms of Engagement will vary according to the work involved and should be agreed in writing prior to the Survey being undertaken. 

Please Note:  a Building Survey Report does not normally include a valuation nor does it include the Society's Mortgage Valuation Report.  This would need to be arranged separately with the Society and the appropriate fee shown in this leaflet would be payable in addition to the Building Survey Report fee agreed separately with the Surveyor or Structural Engineer.

For more information about the types of survey available visit the Royal Institution of Chartered Surveyors (RICS) website at www.rics.org/homesurveys

Cookie policy

Like most websites Furness Building Society use cookies, and in order to continually improve our website, we collect non-personal data through cookies. By continuing to use the website you are accepting the use of these cookies. To find out more read our Cookie Policy.