Survey or mortgage valuation - what's the difference?
When you’re buying a new home you want to be confident that the price you’re paying represents good value. A mortgage valuation report is based on a very limited inspection of the property, or sometimes no inspection at all, and is only intended to provide basic valuation advice to the lender. So, you may be given get an idea of the valuer’s opinion of the property's market value, but you won't get enough information to make an informed decision about your purchase.
A survey will provide much more information on the property, particularly focusing on the overall condition of the structure and fittings, which can heavily impact the long- term costs of living there.
Surveys come in a range of formats and offer different levels of investigation and advice. It’s important that you understand the different options available so that you get the right service to meet your needs.
It is important to consider which property survey is right for you and the property you are purchasing. The level and type of inspection you choose will determine how quickly you receive the survey, how much support you can expect from your surveyor, how intrusive the survey is and the level of detail in your report.
The type of survey you need depends largely on the property you are looking to purchase. If you are purchasing a house built after 1880, of standard construction and in good condition, Digital Home Survey or the standard RICS level 2 survey would be a perfect match. However, if the house you are purchasing was built before than 1880, is in bad condition, has been significantly altered or has more than 4 bedrooms, then you would need the level 3 – building survey.
Which survey do I need?
What are the main types of property surveys and what are the key differences?
Digital Home Survey
The Digital Home Survey is a digital and visual survey, exclusive to Legal & General. This type of survey is suitable for properties built after 1880, of standard construction and in reasonable condition. During the survey a RICS-qualified surveyor will check the property from top to bottom, inspecting the roof, walls, pipes, timber, and other aspects of the house making sure everything’s in order, while recording the inspection on an iPad.
You’ll receive a digital report straight to your computer or smartphone with issues graded on a traffic-light scale of importance, usually within 48 hours of the survey’s completion. Unlike other reports, the Digital Home Survey report is not sent via post, so there are no lengthy delays.
RICS Home Survey Level 2
You should choose a RICS (Royal Institution of Chartered Surveyors) level 2 survey (previously known as HomeBuyer report) if you would like more extensive information when buying a conventional house, flat or bungalow, which is built from common building materials and is in reasonable condition, and you would like information and advice on construction, condition and repairs. However, unlike the Digital Home Survey, the level 2 survey report is not presented in a digital format and will not allow you to contact contractors from the report itself.
Similarly to the Digital Home Survey, the level 2 survey report uses a clear ‘traffic light’ ratings system to describe the condition rating of the property’s main features (such as glazing, roof, electrics, exterior..).
Building Survey (survey level three)
The building survey (also known as a structural survey) is the most expensive type of survey, but it provides greater detail about the structure and fabric of the property. This report is specifically designed for houses that were built before 1890, are in poor condition, have been significantly altered or are particularly large. You’ll also want to choose this option if you’re planning major works on a property.
A Building Survey includes a thorough inspection of the property by one of our partner RPSA’s surveyor, a paper-based detailed report on a wide range of issues, details of serious risks and dangerous conditions and an outline of repair options and the likely consequences of inactivity
Book your home survey in three easy steps
Our surveyors work for you, not the mortgage lender, so you can trust their detailed report to fully equip you with everything you need to know before you commit to purchase.
1. Get a quote online
Fill out our online questionnaire with some details about you and your new property.
2. Choose your survey
You will be provided with three survey options, review the benefits and features of each of them and choose the one that fits your needs.
3. You're all set
Make payment online and we'll take care of the rest!
Product comparison table
To help you, we’ve put together a simple product comparison table below.
Digital Home Survey | RICS Home Survey Level 2 | Home Survey Level 3 | |
|---|---|---|---|
Simple, visual report | |||
Digital format | |||
Pre and post call from surveyor as standard | |||
Designed to help you decide if the property is right for you | |||
Provides information that could help you with property price negotiations | |||
May help you avoid costly repairs after a purchase | |||
Can help you budget for repairs after a purchase | |||
You can discuss your concerns with the surveyor | |||
Report includes advice on repair and maintenance priorities | |||
Recommendations for enquiries to be made by your conveyancer | |||
Recommendation for further investigations by specialists | |||
Recommended for most homes built after 1880 using conventional materials | |||
Suitable for older, larger, unusual or run down properties | |||
Includes valuation & reinstatement figures as standard |
* Prices are inclusive of VAT. The cost of our Digital Home Survey starts from £399. Quotes will vary depending on the survey type, property location and property purchase price.