There are 3 different types of valuation that you can request to be carried out on the property you are looking to purchase:

1. Basic Valuation – Carried out purely on behalf of the lender. Depending on the mortgage product, the lender may provide a free valuation or charge you for it. If there is a valuation fee, most lenders charge on a scale depending on the value of properties. The report is basic, and all lenders disclaim any responsibility for the condition of the property.
2. Homebuyers’ Report – More detailed but still limited report to a set format on the readily accessible parts of the property. It may offer you the flexibility to negotiate on the agreed purchase price, before you exchange and are legally bound
3. Full Structural Survey – The most thorough (and most expensive) report. If the property is defective, the surveyor should discover this.

Mortgage lenders tend to work with panels of approved surveyors, and it is best to allow the lender to instruct their nominated surveyor for the basic valuation that they require. Only some lenders offer a homebuyers report. If you opt for a homebuyers report, our advisers will weigh up the cost of obtaining this through the lender, or obtaining it externally. If you decide to obtain a homebuyers report or a full structural survey externally, S&P Financial have exclusive rates with national valuation companies, and can instruct this for you.