Valuation Fee

You will usually be offered a choice between three types of valuation

• Mortgage Valuation
• Homebuyers Valuation
• Full Structural Survey

Mortgage Valuation

Most people opt for the standard mortgage valuation as it's the cheapest option. The purpose of this report is mainly for the lender to ascertain that the property is readily saleable at the purchase price. In other words, that the property offers the lender suitable security for the mortgage.

The valuer is instructed by the lender, often from a panel. The contract is between the lender and the valuer. If the property is later found to have problems, which could, and/or should have been spotted at the time of valuation; you have no right or reason to complain. 

You will find perhaps only a paragraph or so, detailing any problems with the property, and recommending any further specialist reports that may be required. 

Your mortgage lender will usually make an upfront charge for the valuation, although some deals are available with a free, or refunded (on completion) valuation fee. Typical valuation fees range from £200 for a property valued at under £50,000 to thousands of pounds, for properties valued in the millions. The average range is probably £200 - £600. 

Homebuyers Valuation

A homebuyers valuation consists of the standard morgage valuation for the lender PLUS, a further, more in depth report for you. Your report should cover all relevant characteristics of the property. Should the property subsequently be found to have serious faults, the valuer is liable, and their insurance should cover the costs of repairs.

You can expect to pay double the amount of the standard mortgage valuation, for a homebuyers report.

Again, the report may call for further specialist reports.

Structural Survey

A structural survey is usually carried out by a suitably qualified Civil Engineer. Often, the surveyor will concentrate on an area that has been highlighted in an earlier survey. A recent survey that I looked at (I was interested in buying the property) detailed the work required to make good the problems that had caused a 10cm wide crack in the property structure. The surveyor had looked at the property construction, surrounding properties, and the problem area, to build a picture of how the faults came to develop. He concluded that the problem was not progressive (would not get worse) and suggested specific techniques for remedying the problem, together with costings.

A report of this nature, might cost from £500 upwards.