the valuation

mortgage valuation 
The mortgage valuation is to assess whether or not the property you want to buy provides enough security to the Society for your mortgage. To get this information we may ask our valuer to visit the property and produce a report.  However we may choose to make an assessment of the outside of the property only (also known as a 'drive by' valuation) or use a specialist database to compare the property to other similar properties in the same area.   

The cost of the valuation depends on the purchase price of the property. The following scale of fees apply.

Purchase Price* Fee (£)
Up to £100,000 195
Up to £200,000 245
Up to £300,000 300
Over £300,000 0.1% of purchase price/valuation
Further advances / Reinspections 80 **

* The fee charged is normally based on the purchase price of the property at the time of the inspection.  If the price you are paying is preferential, or it is not known at the time of inspection, we will charge the fee based upon the valuation figure.

** Where a loan is made on condition that the property is completed or that certain work is done, a reinspection is necessary and the appropriate fee will be charged.

Fees apply from 1 June 2004.
As the valuation is only for our use, you may also choose to arrange your own homebuyers report and valuation or a full building survey.

homebuyers report and valuation
You may want to instruct our valuer or an independent surveyor to carry out a more detailed report on particular points about the property. The report is mainly for your information but we will ask the valuer to complete our mortgage valuation. The following scale of fees apply.

Value of property *                       Fee (£)         
 Up to £50,000  325
 Up to £100,000  375
 Up to £150,000  425
 Up to £200,000  475
 Up to £250,000  525

For properties valued over £250,000 the fee is increased by £50 for every £50,000 increase in value. An administration fee of £25 will be charged in addition to this.

* The fee charged is normally based on the purchase price of the property at the time of the inspection.  If the price you are paying is preferential, or it is not known at the time of inspection, we will charge the fee based upon the valuation figure.

Fees apply from 22 March 2002.

building survey
You could choose a full building survey if the property you are buying is very old, if it is not built from traditional bricks or stone, or if it is built in a complex or unusual way.  The cost of this type of survey can be quite high as a result of the amount of time spent preparing it. You will also have to pay for any specialist reports which are recommended in the survey.  However if they uncover any serious problems, it could actually save you money to find out before you are committed to buying the property.

You will have to find an independent surveyor to carry out this survey for you.