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This article explores what is covered by your mortgage provider’s valuation and how to protect yourself when buying a house.

When do you need to pay a valuation fee and what does the surveyor look for?

The surveyor is instructed by your lender and will carry out checks to ensure that the property you are purchasing is worth enough to cover the value of the mortgage.

This report is only basic, but it should reveal the age and general state of repair of the property. The results are then feedback to the mortgage lender who will then make the decision as to whether they will loan you the money or not.

However, you should not base your decision to buy the property solely on the results of the valuation report.

Cover yourself get an additional survey

We recommend that you obtain a RICS home buyers report which will be undertaken by a qualified surveyor. This survey involves a thorough examination of the property and a full written report. Any major problems will be highlighted and advice will be given. The surveyor will also give their opinion as to the value of the property.

Do you have to pay the valuation fee if you have a RICS home buyers report?

Before you pay the valuation fee, it may be possible to ask your lender whether they will accept the RICS home buyers report as the valuation. If so, this may save money, however, your lender is under no obligation to agree to this.

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