Get a property valuation and survey

Get a property valuation and survey

When we lend you money for your home we want to make sure that you’re paying a fair price and that we’re lending you the right amount. We are required by law to have a valuation of every property mortgaged with us, therefore we will normally carry out a valuation of a property before we offer a mortgage – we call this a Standard Valuation.

A home costs a lot of money, you could be living in it for a long time and you might have plans to develop it one day. When purchasing a property we always recommend that you have a more detailed survey, this is important to check that you’re not going to incur any nasty surprises or development costs and can achieve what you want with your home. For this we recommend a Homebuyer or Building Survey.

We partner with Legal and General Surveying Services to provide valuations and surveys on-site, we’ll pass your details to them and they’ll contact you directly.

 

A Standard Valuation

A standard valuation is for us, we use it to determine the current market value of the property.

We will initiate the standard valuation once your mortgage application has been assessed. Legal and General Surveying Services will work with you and where applicable the seller of the property, to establish a date and time that works best. During the valuation each room in the house will be looked at, reviewing and checking the areas that are accessible, this will then be reported back to us. It's unlikely that the valuer will need to move furniture or carpets and they wouldn’t normally need to look in the loft, the report will highlight any areas of concern for the purposes of your mortgage and if this happens we may recommend that a specialist report is required.

The basic valuation costs vary depending on the estimated value of your property, take a look below for the full list of fees.

Some of our mortgage products have free standard valuations, the product details will explain whether you need to pay for a valuation and how much it will be based on the property price.

 

Homebuyer Survey

A Homebuyer Survey is conducted by a Royal Institute of Chartered Surveyors (RICS) professional, during this survey an in-depth visual inspection of the property will provide you with an experts’ account of the condition and will highlight any problems to you via clear and easy to understand traffic light ratings.

The Homebuyer Survey and report;

• is only suitable if you have a conventional property built within the last 150 years
• will help you make a decision on whether the property is as you’d hoped and reasonably priced
• includes reviewing services like central heating, electric, plumbing etc. – they’ll be looked at and commented on – they won’t be tested though
• accessible and visible areas will be checked and commented on including a loft space where this is accessible
• focuses on areas that could be a problem or defect, however this doesn’t include structural aspects or recommendations to fix any problems

We strongly recommend that you have a Homebuyer Survey when you’re buying a property. The report is solely for your use, the cost includes the Standard Valuation which we need for your mortgage.

 

Building Survey

A Building Survey provides you with a very comprehensive report on the structural integrity of the property. A technical examination is conducted which may include tests on services and even underfloor and concealed areas where permission is granted by the seller.

A Building Survey is suitable for all residential properties including listed buildings, those that have been extended or altered significantly or are in a state of disrepair. The report will provide advice on existing or potential problems and the types of works that can help fix this before purchasing a property.

The report is solely for your use, the cost includes the Standard Valuation which we need for your mortgage.

 

New Builds Warranty Schemes

If the property you're buying has been built or converted for use as a dwelling within the past ten years, or is to be occupied for the first time, you must ensure that it was built or converted under a new home warranty scheme. We accept the following warranty schemes:

NHBC (National House Building Council)

LABC (Local Authority Building Control)

Premier Guarantee

BLP (Buildings Defect Insurance)

Build Zone

Checkmate (Castle 10)

CRL

Existing Zurich policy - where the security is covered by an existing Zurich policy this will continue to be honoured (Zurich stopped offering policies in 2009)

 

Property valuation fee for mortgage purposes

The Cambridge will carry out a basic mortgage valuation, or equivalent, to confirm the property forms suitable security for the mortgage you’ve applied for. This report is designed for the benefit of The Cambridge as a lender only and does not include full details about the condition of the property. This report may not include a physical inspection and you may not receive a copy of the report. Below are the charges for a basic valuation for mortgage purposes. Before buying your property you should consider arranging a survey to check on the condition of the property and to identify any problems that might affect its value.

 

Purchase price not exceeding	Standard Valuation fee for mortgage purposes
£100,000	£220
£150,000	£240
£200,000	£275
£250,000	£310
£300,000	£350
£350,000	£395
£400,000	£415
£450,000	£445
£500,000	£470
£600,000	£515
£700,000	£595
£800,000	£645
£900,000	£715
£1,000,000	£760
£2,000,000	£1,100
£2,500,000	£1,400
£3,000,000	£1,900

 

The mortgage team are happy to answer any questions you may have, call us on 0345 601 3344 and we can arrange for you to speak to one of our advisers.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE