1.3.4 Survey Fees
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The Building Societies Act 1986 requires building societies (but
not other lenders) to carry out a valuation of all properties on
which new loans are advanced.
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The surveyor will provide different levels of valuation and report:-
- Mortgage valuation; a limited inspection merely to determine the
suitability of the property as security for the level of loan requested.
- Buyer's report; a survey reporting on the condition and state
of repair of the property, generally giving recommendations of repairs
needed and sale potential.
- Structural survey; a full and detailed survey of structure, not
merely state of obvious repair, and full valuation
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