Survey and Valuation
A valuation of your property will be required to assess that its value provides adequate security for the loan amount. The assessments will either be:
- A disclosed valuation for which you will be charged a fee. A copy of the valuation will be provided to you, or
- A non-disclosed mortgage certificate where you have not paid a fee (for example, on a fee free product). A copy of the certificate is for internal use only and will not be provided to you.
- A homebuyers report may enable you to renegotiate the purchase price or at least allow you to budget for repairs.
You are advised to establish the condition of the property to your own satisfaction by arranging a survey before entering into any legal commitment – the options open to you are detailed below.
Please note that the valuation fee quoted in an online KFI is based on the disclosed valuation fee scale
Disclosed Valuation Report
This report is based on the Cheshire’s standard mortgage assessment. It is not designed to check the reasonableness of the purchase price or the need for repairs, now or in the future. It does however evaluate the property to ensure its mortgage value can be maintained and gives a professional Surveyor’s overview of the current condition of the property. General remarks are provided, however the level of general remarks varies from property to property.
It is important to understand that no survey has been undertaken and the report is based on a limited inspection which is likely to last between 30 and 45 minutes only.
Disclosed Valuation Report – Scale of Fees
| Purchase Price | Survey Fee |
| Up to £100,000 | £240.00 |
| £100,001 to £150,000 | £265.00 |
| £150,001 to £200,000 | £275.00 |
£200,001 to £350,000 |
£350.00 |
£350,001 to £500,000 |
£430.00 |
£500,001 to £750,000 |
£595.00 |
£750,001 to £1,000,000 |
£750.00 |
£1,000,001 to £1,250,000 |
£950.00 |
£1,250,001 to £1,500,000 |
£1,100.00 |
£1,500,001 to £1,750,000 |
£1,250.00 |
£1,750,001 to £2,000,000 |
£1,400.00 |
£2,000,001 to £2,500,000 |
£1,600.00 |
| The above charges are non-refundable and include an administration fee of £100.00 for dealing with your mortgage application. This fee will need to be paid on application. | |
Homebuyer Survey and Valuation Report
The Homebuyer Survey concentrates on the main essentials, i.e. problems that need to be repaired straight away or at least in the near future. Some will also suggest the rough price of the work that needs to be carried out which may enable you to renegotiate the purchase price or at least allow you to budget for repairs.
The HBSV offers a wide ranging, but still concise, appraisal of the property. It can also help identify points that your solicitor may need to investigate. The report is undertaken by a qualified Surveyor who will offer an opinion of value, bearing in mind the report’s findings.
The report is designed for houses and bungalows normally not older than 125 years, no larger than 2500 sq.ft (232 m2), of traditional construction and form. Suitability of properties beyond these guidelines should be discussed directly with the Surveyor. It can cover flats, both purpose built and converted, but here it will be necessary for you to agree with the Surveyor the extent of inspection to other parts of the building or block required.
The report will point out significant but NOT minor defects. All visible and accessible areas of the property will be inspected including the roof space if there is a suitable hatch. There will be no inspection of the under-floor, or close inspection of roof/wall faces above 10ft (3m) in height. Fitted carpets, furniture and vendors’ personal effects cannot be moved, unless the vendor moves them. Similarly, as the Surveyor is not an electrician or plumber, services such as wiring, water supply or central heating are not tested, although a comment on their apparent condition is made.
The HBSV report is provided in a standard format, logical in sequence and easy to follow. The valuation advises on whether the price agreed is realistic in view of the property’s apparent condition and the property market in general.
Homebuyer Survey and Valuation report - Scale of Fees
| Purchase Price | Survey Fee inc vat |
Up to £75,000 |
£360.00 |
£75,001 to £100,000 |
£410.00 |
£100,001 to £150,000 |
£460.00 |
£150,001 to £200,000 |
£530.00 |
£200,001 to £250,000 |
£580.00 |
£250,001 to £350,000 |
£635.00 |
£350,001 to £500,000 |
£680.00 |
£500,001 to £650,000 |
£735.00 |
£650,001 to £800,000 |
£795.00 |
£800,001 to £1,000,000 |
£870.00 |
Over £1,000,000 |
By arrangement |
| The above charges are non-refundable and include an administration fee of £100.00 for dealing with your mortgage application. This fee will need to be paid on application. | |
Non-disclosed Mortgage Certificate
In some circumstances, for example where the mortgage product includes the cost of the valuation, the Cheshire will arrange for a basic inspection only. The property is only valued for mortgage purposes. No copy will be provided and there is no release of information relating to the valuation. There may be legal or repair matters recommended, in which case details will either be included within the mortgage offer or within a pre-offer letter. This report is based on a limited inspection usually lasting between 25 and 40 minutes, however, there are occasions when the Cheshire may not require access to your property to assess it’s suitability for mortgage purposes. This is at the Cheshire’s discretion. This inspection will only be undertaken when a valuation fee has not been charged.
How to Apply
If you are applying for a Cheshire mortgage online you will be asked to choose which type of survey you require during the application process.
