"Explained things in concise clear language. Easy manner - no pressure - created environment to make a decision."
Mr & Mrs M., Leeds, West Yorkshire
If you're thinking about moving home, you've probably also considered having your property valued, and wondered how much the property valuation fees may cost.
So we thought it would be a good idea to take a closer look at property Valuation Fees for the various different types of property valuations, and look at how we can help arrange a valuation as well as your mortgage!
Table of Contents:
Before a Mortgage Lender will approve funding for a house purchase or remortgage, they will need to have confirmed a minimum of a Basic Valuation Report that has been prepared by a professionally qualified valuer, who will usually be a Member of the Royal Institution of Chartered Surveyors (RICS).
However, there are other valuation and survey reports that you may wish to consider, as the Basic Valuation Report is just that - basic! Although you will pay for the valuation, it is the lender alone that gains the benefit of the report. It will confirm to the lender the property's open market value, and that the property will act as adequate security for the mortgage.
So, how much is a Basic Valuation Report likely to cost? Well, the cost for this report will depend on the approximate value of the property to be mortgaged, although the cost will vary from lender to lender. As a guide on a property value of £120,000, you are likely to have to pay in the region of £195 for a Basic Valuation Report.
There may be circumstances where you may consider it prudent to instruct a more comprehensive report, such as the Home Buyers Report. This is considerably more detailed than the Basic Valuation. The valuer this time acts for you, and therefore it will provide the purchaser with some form of comeback in the event that the surveyor was subsequently proved to be negligent in his reporting.
The scope of the Home Buyers Report will be to point out major and urgent faults that may have a significant effect on the property so that the buyer has an opportunity to confront the seller to either correct the fault, or to adjust the sale price to compensate for the works required.
If the property you are looking to buy was built 50 - 75 years ago, or it has had a lot of extension work carried out, then it would usually be wise to avail yourself of this report. The valuer will also point out any other surveys that he considers necessary, for example a timber and damp report. It must be remembered that the survey will relate usually only to visible areas of the property, although it will point out any major structural defects. The Home Buyers Report will also provide an estimate of the property's current market value, and will also address any issues that may require further investigation by your solicitor such as rights of way to, or over the property (also known as Easements).
Because the Home Buyers Report is a lot more detailed than the Basic Valuation, the cost is correspondingly higher than the valuation fees payable on a Basic Valuation Report. The present cost for a report on an average property is likely to be in the region of £400 - £500 plus VAT.
The Building Survey (or the Full Structural Survey as it is still often referred to) provides the most comprehensive property report of all. It will list all faults, both major and minor, and will therefore give the prospective purchaser a clear indication as to any potential pitfalls they may be entering into. In the event the surveyor has been negligent, as with the Home Buyers Report, the purchaser has the protection of the right to redress against him.
The surveyor will undertake a very thorough and detailed inspection of all parts of the property, the cost of the Building Survey is the most expensive of all. On an average property, it is not uncommon for the surveyor to spend between 4 and 6 hours on his inspection. He will then produce a report, highlighting the anticipated costs of remedial work that may need to be undertaken. For these reasons, the cost of the Building Survey is likely to be in the region of £700 - £1,000.
Absolutely!
So, if you are thinking of buying a property, and think you would benefit from either a:
and would like further information on valuation fees, and other costs, please call us, and speak with one of our professionally qualified Mortgage Advisors, who await your call with a warm welcome.
Similarly, if you would benefit from further information on our extensive range of mortgage products to help even in the trickiest of circumstances, then please don't hesitate to Contact Us. Call us today on Freephone 08000 282 281, our lines are open from 8am until 10pm, including weekends. Alternatively, you may wish to enquire online at any time. In either instance, we'll be delighted to help in any way we can and provide you with a rapid in-principle decision!
So, that completes our look at property Valuation Fees, and the potential costs of different types of property valuations. Remember, there is much more useful information throughout our website, and that we're only ever a couple of mouse clicks or a free telephone call away, and would love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
