Property Surveyors and Valuers

Are All Surveys The Same?

Valuers: n. These are essentially Surveyors who value property.

A VALUATION only takes into account the value of the property and factors that may affect the value. These are usually used by the lending companies to determine the risk of lending you the money against the value of that asset.

But how do you determine the value of the property in the first place? How do you do this before going to the lender and asking for a mortgage for X value?

Get an independent survey!

Are All Surveys The Same? REMEMBER - A valuation is DIFFERENT from a survey. - All surveys are not the same and there are several types available.

Lending companies will use a preferred and trusted SURVEYOR, often from within their own group of companies, in order to protect their own interests. This has many advantages for the lender in that the SURVEYOR acts in their best interests and not yours. You do not have to use their SURVEYORS for your own survey, how else do you get impartial advice?

An independent SURVEYOR is not bound by large multi-national corporations. They do not answer to anyone except you the client and act in a professional manner on your behalf.

Tied SURVEYORS have been instructed in every part of their business to become tight fisted and down value everything in order for the banks to regain some sort of composure following the financial collapse of most of their assets

It is allowed! It does have an initial cost implication but if the property you are after has the potential equity and you are able to get the property BMV it is more than a cost saving exercise, it generates money!

Anyway if there does turn out to be a problem with the mortgage valuation you are able to appeal and provide independent evidence in support of your initial application.

Make the right choice when choosing your surveyor but be careful anyone can call themselves a surveyor, for example Estate Agents often advertise such services.

It is wise to choose a Chartered surveyor, they have had years of training and have had to gain many qualifications and years of experience before they can be classed as a Chartered Surveyor.

Membership of RICS the Royal Institution of Chartered Surveyors means that its members must adhere to certain standards and should act to protect the consumer.

This is very different to belonging to an Association, Club or Union such as with Estate Agents belonging to the NAEA,(National Association of Estate Agents), they are not chartered as it is a members only club acting in favour of their members and not the consumer.