House Surveys and Valuations
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House Surveys and Valuations (Part 1)
Charlie Connolly talks to us about house surveys and valuations. Episode one of two, recorded in January 2026.
What’s the difference between a house survey and a valuation? Does the survey include valuation?
A valuation is effectively a brief check by the lender to confirm the property’s market value as security for the mortgage. A survey is a more in-depth inspection done for a buyer, which looks in detail at the property condition, defects and potential repair costs.
Some surveys include a valuation, but it’s best to check with whoever’s arranging the survey to see if it’s included. You may find there may be an additional charge to add valuation in.
Do I need both a survey and a valuation? Can I use the mortgage valuation as a full survey?
You can proceed with just a mortgage valuation, but we recommend having a survey as well. The purpose of a mortgage valuation is to protect the bank. The checks are very limited, which means serious defects could possibly be missed.
Meanwhile, the survey protects your best interests as the buyer. It gives you insight into potential defects, costs to repair, risks and future maintenance.
Who arranges the house survey, the buyer or the lender?
The house survey is in the buyer’s interest, so typically the buyer has to arrange it. Having said that, a couple of lenders will allow you to upgrade from a valuation to a survey. It’s worth a conversation with your mortgage broker to see if that’s a lender we can go to.
How much do surveys and valuations typically cost? Does it vary?
It does, yes. Costs depend on the location, size and type of the property. Most lenders now offer a free valuation as part of their mortgage product. However, some lenders would charge £100 to £300 for this.
A Level Two survey, also known as a homebuyer’s survey, is the most popular choice and includes details about the defects and the risks. These normally cost between £400 to £800.
Then you’ve got a Level Three survey, also called a building survey. This is recommended for older properties as it includes the most comprehensive checks. They normally cost between £600 to £1,500.
These figures are just an indication – ultimately it does depend on the location, size and type of the house.
How long does a house survey or valuation take?
A valuation can take 10 to 30 minutes and the lender will have the report in two to five working days. A survey can take longer – even up to eight hours, depending on the type you go for.
Survey reports can take a little bit longer, as they are more comprehensive. They may take up to seven working days to be sent to you.
What happens if a survey finds problems with the property?
If a survey pulls up problems, you have a few options. Firstly, you can try and renegotiate the price, or ask the seller to make the necessary repairs.
You could also choose to get a report based on the defects found. For example, if a Level Two survey outlines that there might be damp in the property, you could get a specialist damp and timber report to investigate that more fully.
You could also proceed with the purchase knowing the issues, if you have the budget to make the fixes yourself. The final option is to pull out of the sale entirely.
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Can I renegotiate the offer price based on the survey results?
Yes, you can renegotiate based on the survey results. It’s very common.
What are the different types of house surveys?
There are three levels of reports. Level One is a condition report, Level Two is a homebuyer’s report and Level Three is a building survey, also known as a full structural survey.
What’s the difference between a homebuyer’s report and a building survey?
A homebuyer’s survey is typically best for conventional homes built after the 1900s – for flats and houses in reasonable condition. They involve a detailed visual inspection and identify defects like damp, subsidence or roof issues.
They also give some advice on repairs and maintenance, and in most cases include a market valuation and a rebuild cost.
A building survey is typically best for older properties, such as Victorian, Edwardian or pre- 1900 homes. It’s also good for homes that have been altered or extended, are unusual or listed buildings, or those in a poor condition. These surveys are detailed inspections of structure and fabric, with explanations around causes, severity and repairs. They also include long-term maintenance advice, and may suggest further specialist reports.
What does a snagging survey involve?
A snagging survey is a detailed check of a new build home to identify defects, also known as snags, that the developer should fix. That would usually be done before or shortly after you move into the property.
Do you have anything to add before we return for part two?
I think we’ve covered quite a lot there, but if you have any further questions, feel free to contact us at Midas Financial Planning.
Key Takeaways:
- A house valuation is a brief check by the lender to confirm the property’s market value as security for the mortgage. A survey is a more in-depth inspection for the buyer detailing the property’s condition, defects, and potential repair costs.
- It is highly recommended to get a survey in addition to the mortgage valuation, as the valuation is limited and primarily protects the bank, not the buyer’s best interests.
- The buyer typically arranges the house survey. Costs vary based on location, size, and property type, with a Level Two (Homebuyer’s) survey generally costing between £400 and £800, and a Level Three (Building Survey) between £600 and £1,500.
- There are three main levels of surveys: Level One (Condition Report), Level Two (Homebuyer’s Report – best for conventional post-1900 homes), and Level Three (Building Survey – best for older, altered, or poor-condition properties).
- If a survey uncovers problems, the buyer has several options, including renegotiating the offer price, asking the seller to make necessary repairs, proceeding with the purchase, or pulling out of the sale entirely.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
House Surveys and Valuations (Part 2)
Charlie Connolly continues the conversation on house surveys and valuations. Episode two of two, recorded in January 2026.Which type of survey should I get for an older or listed building?
I would say a building survey would be better for older properties – they’re ideal for Victorian, Edwardian or pre-1900 homes. They’re suitable for homes that have been altered, have had an extension or are slightly more unusual. A building survey is also recommended for listed buildings or properties in a poorer condition.
Do new builds need a survey?
Yes, I would still get a survey on a new build. A snagging survey is usually the best. This can help you identify defects or poor workmanship.
You may also want to look for structural issues which might not be covered on the standard 10-year warranty that comes with most new builds. You can then make sure these are fixed by the developer before you complete on the property.
What are the most common problems found in house surveys?
The main problems found on house surveys are damp and moisture problems, roof defects, or structural movement and cracks.
Will the survey check for damp, rot, or subsidence?
Yes, a property survey will check for damp, rot and subsidence, but the depth and thoroughness depends on the survey you go for.
Will I get a full report after the survey?
Yes, you will get a written report after the survey. The type you go for will ultimately determine how comprehensive and full that report will be.
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Can the surveyor enter the loft or move furniture?
As long as it’s safe to access, the surveyor will check the loft. They will inspect visible timbers, roof structure and insulation, but they won’t remove any stored items or move any heavy furniture.
What should I do if the surveyor flags structural issues?
It’s really important to take it seriously. Read the report carefully to find out exactly what has been flagged and the severity of the issue raised.
Typically, the next step following structural concerns would be to ask for specialist advice and potentially instruct a chartered structural engineer report. A structural engineer should be able to confirm the diagnosis, explain the risks and also provide detailed repair options and cost estimates.
I wouldn’t rely solely on the surveyor’s description – seek specialist advice if something like this gets flagged up.
How is a property valuation calculated?
The most common method of valuation is a comparative process, where the valuer looks at recent sales of similar properties in the nearby area.
Can a mortgage be declined because of the valuation?
Yes, a mortgage can be declined or reduced because of a valuation. This is because lenders won’t lend more than a property’s assessed value, and so a low valuation can trigger problems with the deposit or Loan to Value.
I had a case the other week, where my clients were purchasing a property for £200,000 with a deposit. It was downvalued to £190,000 and fortunately, on this occasion, the seller was happy to drop the price.
If the seller isn’t willing to sell at a lower price, you may need to find more money to put down as a deposit to proceed.
Valuation may also flag up issues such as structural movement, poor condition or something outside the lender’s criteria. Examples could be where the property is of non-standard construction or it’s too near to a pub or a takeaway restaurant.
Is there anything else we need to know when it comes to valuations and surveys?
We’ve covered quite a lot today and in part one, but if you need any more guidance on valuations or surveys, please don’t hesitate to give us a call or drop us an email.
Key Takeaways:
- Building surveys are recommended for older properties (Victorian, Edwardian or pre-1900), altered homes, or listed buildings.
- New builds should still have a survey, typically a snagging survey, to identify defects before completion, as structural issues might not be covered by the standard 10-year warranty.
- Common problems found in house surveys include damp and moisture issues, roof defects, and structural movement/cracks.
- If a surveyor flags structural issues, the next crucial step is to seek specialist advice and potentially instruct a chartered structural engineer for diagnosis, risk explanation, repair options, and cost estimates.
- A property valuation is usually calculated using a comparative process, looking at recent sales of similar nearby properties, and a low valuation can lead to a mortgage being declined or reduced.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.