Specialist Mortgage Reports

The mortgage valuation, of whatever type, may ask for further specialist reports to be obtained and returned to the valuer for assessment. The main reports are detailed below.

Damp and Timber Report

When a mortgage lenders valuer, visits a property to survey it, one of the tools that he brings with him is a damp meter.  Electrical current flows quicker through water, so he simply places his battery operated meter on a wall and gets a damp reading or two.

If his damp meter shows that damp is present, he will indicate the area on the valuation report, and ask that YOU obtain a specialist damp report and send it to him. If the damp is near floor joists, he will usually ask for a timber report too, as wood that has been damp for a period of time tends to rot.

Specialist firms - accredited to comment on the work required (and cost) to remedy the problem(s) will carry out these surveys - usually at no cost to you.

It pays to get more than one report/estimate as the indicated work required and cost can vary greatly.  

Electrical Wiring Report

A report is rarely aked for unless something is obviously amiss. Comments on the valuation report tend to highlight old wiring (up to 25 years old) that may need replacing, or indicate that a re-wiring of the property is overdue. You'll often already know this yourself, by looking at the electrical sockets and switches when you view the property.

Electricians usually charge around £50 for a report, depending on the size of the property.   

Gas Report

Mandatory for rental properties, not usually asked for on residential properties, unless there is obvious evidence of problems. Again the gas fitter will usually charge for this.

Central Heating/Boiler Report

Not usually asked for, but I have seen this requested occassionally

Drainage Report

Again, unusual, but I have seen this asked for.

Structural Survey 

If the mortgage valuer/surveyor notices cracks around widows, uneven floors, cracks in lintels, or other indications that the structure of the property may be unsound, he will usually ask that YOU organise a structural survey. The survey should outline the general nature of the property construction, with detailed comments regarding the area(s) of concern. Problems NOT noted on the valuers survey, but which should be evident to a structural engineer, should be reported to you in the Structural Survey.

Roof Report

I've rarely seen this asked for, even when the roof is obviously dodgy from visual inspection. If you can manage to get hold of a roofer, get a report/estimate if you're concerned about the condition of the roof.

Wall Tie Report

Some houses were constructed using a double layer of bricks for walls, with a gap in between them. To make sure that the walls remain stable, wall ties (they look like a butterfly, viewed from ablove) were used to tie the walls together. As the wall ties are made out of steel, they can corrode over time, making the structure less stable. 
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For a mortgage valuation report (where the valuer is acting solely for the lender) concern with problems diminishes as the required loan to value decreases and vice-versa.

So if you're buying a property for £300,000 with a £100,000 mortgage, small problems may be noted, but no report requested. However if you're buying a £150,000 property with a £150,000 mortgage, many reports may be requested.