Whether you’re a first time buyer in Manchester or considering a remortgage in Manchester, securing the right property survey is important. Our team of seasoned mortgage advisors in Manchester is well-equipped to help you in choosing the most suitable option.
Mortgage Valuation
When applying for a mortgage, property valuation is a critical step to determine its true worth and assess potential risks. Two primary types of valuations exist: physical and automated. Physical valuations involve an on-site surveyor assessing the property’s condition, beneficial for properties with recent renovations.
On the other hand, automated valuations rely on online databases for comparisons with similar properties in the vicinity. While automated valuations offer speed, they may lack the precision of physical valuations. Some lenders may provide a free valuation, but this varies.
Mortgage valuations are generally the most affordable, providing basic insights compared to more detailed property surveys.
Homebuyer Report (Level 2)
For prospective property buyers, obtaining a homebuyer report is advisable to ensure safety and quality. This in-depth inspection covers every room, identifying potential issues like damp, mould, or structural problems.
The report ensures compliance with current UK property laws and highlights legal matters needing attention before purchase.
Homebuyer reports, being more detailed, come at a higher cost than basic mortgage valuations. Some lenders may offer them as an add-on for an extra fee, or you can opt for an independent homebuyer report from an accredited surveyor.
Note that these reports may not be suitable for certain property types, such as listed buildings or those requiring significant modernisation.
Building Survey (Level 3)
A building survey stands as the most comprehensive property report option in Manchester, suitable for all property types and especially valuable for older structures. It outlines necessary repairs, potential upgrades, legal issues, and offers advice on rectifying concerns.
This detailed survey covers a wide range, including energy efficiency, construction details, and visual inspections of key areas like roof space and ground floors. While more expensive, its thoroughness justifies the cost.
While mortgage lenders typically don’t offer building surveys outright, you can inquire about adding it to your valuation for an additional fee. Similar to homebuyer reports, it often does not include a market valuation, but this can be obtained for an extra cost.
Specialist Property Surveys in Manchester
During a homebuyer report or building survey, issues may arise requiring further investigation and specialised reports.
Various specialist surveys are available, including damp and timber reports, roof assessments, drainage inspections, and examinations of gas, electric, asbestos, and central heating systems.
If such concerns arise, we may be able to connect you with reputable contacts in Manchester for these specialised surveys.
Date Last Edited: November 11, 2024
