What are the different types of valuation/surveys?
There are three types of valuation/survey: Basic Valuation. This type is not a survey and is intended as a valuation only and for the sole benefit of the lender. It is questionable as to whether or not you would have any comeback against the Lender’s Valuer if he had overlooked something. You should therefore have a more thorough inspection carried out by a surveyor. Homebuyers’ Report. This is more detailed report on the state and condition of the property and there may be a comeback on the surveyor if something be overlooked. These surveys are subject to a number of get outs. Full Structural Survey. This is the most detailed report. The surveyor (as before) would be liable for any errors in his report. We are not surveyors and we therefore advise that at the very least you consider a Homebuyers’ Report. However, if you are in doubt, you should take advice from a local independent surveyor.
