Account EnquiriesValuations
Mortgage Valuation
This is the most limited form of inspection, originating from an agreement between the Building Societies and the Royal Institution of Chartered Surveyors, solely for the purpose of arriving at a mortgage valuation to enable the lender to determine the amount of any advance. It is not, and therefore must not be treated or relied upon as, a detailed report or survey on the existing or future condition of property.
Major defects, which are visible and apparent at the time of inspection, will be reported. Under floor areas, mutual roof spaces, and any areas where special access is required will not be inspected. Floor coverings will not be lifted nor will furniture and effects be moved. For the purposes of arriving at the valuation the concealed areas will be assumed to have no significant defects.
However, in accordance with the guidance notes prepared by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers, private roof spaces will be inspected where the surveyor considers access to be reasonable and only to the extent of being visible from the access point. Particular problems arise with regard to tenement property and flatted properties.
No attempt will be made to gain access to communal roof spaces or to other properties within the block and so, for valuation purposes, the condition of these uninspected areas will also be assumed to be defect free, notwithstanding that mutual repairing obligations may be involved for the various owners of the properties within the building.
Roof coverings will be inspected from ground level only and visible serious defects will be reported. None of the services, water systems, heating or electrical circuits will be checked or tested.
Comments are restricted to systems, which are clearly dangerous or visibly defective. Items, which do not seriously affect the value for the security, are not normally included in a report of this type. The surveyor may well take such defects into account when arriving at the value, but reference to these would only be given in a fuller survey and report. Where faults are identified and a retention of part of the mortgage funds suggested, this retention is a recommendation for loan purposes only and, must not be regarded as an estimate of the actual cost of repairing the listed defects. In the event of a retention being suggested the borrower is strongly advised to obtain estimates from competent contractors before proceeding with a purchase.
It must be repeated that this is the most limited form of inspection and therefore it is recommended that a more comprehensive type of inspection be instructed.
Click here to view Terms & Conditions for Mortgage Valuation
If you would like a commercial property valuation, please call us or use our Enquiry form.
