Surveyors are members of the Royal Institution of Chartered Surveyors. They engage in a wide range of professional activities concerning the built environment, land, and property.
Surveyors at e.surv are members of the RICS Residential Professional Group; the pre-eminent professional voice across the Residential Property sector.
The RICS Residential Professional Group represents the following services within private practice, and in both government and non-government agencies:
Agency practice and law
Valuation
Condition Reports
Home Buyer Surveys
Building Surveys
Property lettings and management
Rent reviews and lease renewals
Residential property purchase surveys
Management of leasehold flats
Housing supply
Housing affordability
Social housing
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The Royal Institution of Chartered Surveyors. They have around 100,000 qualified members and more than 50,000 students and trainees in more than 140 countries worldwide. The RICS provides the world's leading professional qualification in land, property, construction and the associated environmental issues.
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A mortgage valuation is not a survey. Valuations of residential property can be required for a variety of purposes including mortgage lending, probate, and matrimonial. A valuation is prepared for a mortgage lender to determine the market value of the property. A mortgage valuation report is prepared for your lender to help them decide if your house is one that they want to lend on. To be clear, a mortgage valuation only answers the questions the lender has as to whether the property offers suitable security for your loan. It doesn't answer any questions that may be important to you or your own personal interests and doesn't tell you the condition of your property. Your lender is not obliged to provide you with a copy of the mortgage valuation report and when we undertake a valuation on behalf of your lender, generally we are unable to discuss the content of the report with you directly.
Without a valuation a lender will not lend. Without a survey a buyer should not buy. A survey is prepared for a buyer looking to purchase a property - it is a report prepared for the buyer not the lender - and provides independent professional advice on the condition of the property, including defects, prior to committing to a purchase.
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When a surveyor undertakes a valuation of a residential property for mortgage lending they must follow a code of practice which includes guidance on the extent of the inspection and the method of the valuation. The report usually follows a standard format required by the lender. A valuation is normally supported by comparable evidence; typically three recent similar transactions to support the surveyor's opinion of the value of the property. These comparables may not be identical to the property being valued, but the surveyor will use them to help arrive at his or her valuation through a process of comparison and weighting. It's important to understand that 'asking prices' for similar properties on the market unsold are not considered as 'comparable evidence' - this is often misunderstood.
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When you apply for a mortgage the lender will check the information contained in your mortgage application form ? this process is known as "underwriting". This process typically includes credit referencing, validating how much income you have and assessing the suitability of the property for security purposes. The surveyor is normally instructed by the lender to inspect the property after the credit referencing stage. This is approximately a week after you have submitted your application. Most lenders use sophisticated electronic systems to undertake the process of reviewing the application and eventually instructing the surveyor. Valuation reports are also returned electronically and usually within tight timescales dictated by the lender, normally three working days from instruction. Receipt of your formal mortgage offer can take up to two or three weeks from application.
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Buying a house is one of the most important decisions of your life. A survey is your survey report, prepared independently for you and not your lender. It provides you with information about the condition of the property you are considering buying and gives you a clear summary of the key risks associated with your purchase before you commit to buying.
There are three types of survey. For more information take a look at our product matrix by clicking here.
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No, it means that the property has been accepted as security for the loan by the mortgage provider. It does not necessarily mean it is worth the figure you are paying for it, or that there are no defects requiring remedial works.
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If you paid your lender a valuation fee this is used so the lender can assess whether the property can be used as security for the loan.
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Yes. Lenders are required by the Financial Services Authority to obtain a valuation.
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No, you can instruct a survey yourself. You can book your survey with e.surv online by clicking here.
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If you are unsure about the right survey for you then please click here to take a look at our product matrix which will help you decide. This will take you through the different report options. If you are still unsure about which report to choose from then you can call our dedicated helpline on 0800 169 9661.
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Your lender is not obliged to provide you with a copy of the mortgage valuation report and when we undertake a valuation on behalf of your lender, generally we are unable to discuss the content of the report with you directly.
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No, but e.surv Chartered Surveyors is a member of the Ombudsman Scheme: Property; our customer care commitment includes a published Complaints Handling Procedure and our Chartered Surveyors are covered by Professional Indemnity Insurance.
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If you have purchased an e.surv Building Survey then your surveyor will talk to either before or after your survey has been completed. If you have purchased a RICS HomeBuyer Report then your surveyor will talk to you after the report has completed if you make this request. When purchasing a RICS Condition Report it is possible to add the option of speaking to your surveyor for either fifteen or thirty minutes after your report has been completed. This option is available to add to your purchase when booking online or when calling our helpline to order your report. If we are conducting a mortgage valuation on behalf of your lender then we will not be able to discuss the content of the valuation report with you.
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In the first instance you can visit the information centre on our website to see if our glossary of terms or image gallery can help answer your question. Alternatively you can call our helpline on 0800 169 9661.
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A surveyor will use their experience and knowledge to arrive at their valuation. They will analyse transactions in the market to help support the valuation they make. This is called comparable evidence. Typically a surveyor will look at three similar transactions to support their opinion of the value of the property.
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The practice of a vendor accepting a higher offer for a property even though previously a lower offer had been accepted subject to contract is not illegal. This is often referred to as gazumping. Neither is gazundering illegal. Gazundering is where a buyer makes an offer which is accepted subject to contract then refuses to proceed shortly before exchange of contracts except at a reduced price. The only way to avoid gazumping is to enter into what is known as a lock out agreement; if the seller is willing. You may also ask your agent to seek instructions from the seller as to whether they should take the property off the market, or continue to market to avoid losing time should the sale fall through.
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