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			Valuation Fees Valuation report for Mortgage Purposes You will normally have to pay the lender a fee to arrange a valuation on your prospective new home. This report is done for the lenders benefit, to confirm the property is adequate security for the mortgage. It should tell you if there is something seriously wrong with the property, but it does not involve a detailed inspection of the property and does not give you any recourse should a problem become apparent once you move in. Homebuyers Report For your own peace of mind, it is advisable to arrange your own survey. This is particularly the case if you are buying an older property, planning to buy in an area that has previously suffered problems with subsidence or the property has some areas that will need some remedial work carried out to. You may be able to get the same surveyor who carries out the lender’s valuation to do this for you. A homebuyers report is a more comprehensive report than the lenders report and will tell you if the property is likely to need any additional reports or work carried out in the near future. But it does not give involve a check of the electrical or heating systems and is usually still only a visual inspection of the property. Full Structural Report A full structural survey costs much more but gives you the re-assurance of a much more in depth report. This is usually tailored to your specific needs or concerns. It could also involve the surveyor looking at the actual fabric of the property and lifting up floorboards etc to check this out properly. This will only be with the agreement of the existing owner. Previous page Next page