|What it is
A basic property valuation for the Bank that is purely to help us make a decision on whether we will lend you the money to buy the property.
It is used for lending purposes only, so if you require a more detailed inspection, you may wish to consider a level 2 valuation or arranging for your own building survey.
|This is a survey for you, detailing the essential things you need to know about the property (it is a contract between you and the surveyor).
A valuation is also provided that helps us make a decision on whether we will lend you the money to buy the property.
|This is the most detailed type of survey available and you can tailor it to meet your needs.
We cannot arrange this type of survey for you and can't recommend a surveyor, but can provide details to help you find an RICS accredited surveyor.
We will still need to arrange a separate Mortgage Valuation for lending purposes and you will need to pay the fee for this if applicable.
|How it's done
||We will decide if we want a surveyor to visit and assess the property, or we may use a combination of historical and market data to compare your property to others in the local area.
||A surveyor will visit to assess the inside and outside of the property.
Before this happens, the surveyor will send you the terms of their agreement for you to accept.
|You will need to arrange this type of survey yourself.
Usually, once instructed, you will discuss matters with your surveyor to agree what will be covered by the report and any concerns you may have about the property. An internal and/or external inspection of the property will follow, based on your requirements.
|What you get
||If a surveyor has visited the property you will get a copy of the report. It will give very limited information about the property.
If a surveyor has not visited the property, there will be no report to provide. Instead we will tell you if our assessment of the value means we will not lend you the loan amount requested.
|The survey gives you guidance on the essential things you may need to know about the property, such as defects and problems that are serious or that may significantly affect the value.
||A customised report based on the agreement between you and the surveyor.
|What it means for you
Defects that could affect your decision to buy may not be identified, and it should not be relied on for your buying decision.
|It does not give a full structural assessment.
Whilst it may give details of issues with the property, it may not go into the level of detail you require.
You will not get a copy of the basic valuation report provided to us.
|As this is a customised report you get to choose what is included within the report.
We will still need to arrange a separate Mortgage Valuation for lending purposes and you will need to pay the fee for this, if applicable.