Why Doesn’t a Surveyor Share Any Information When Inspecting My Property?
When a surveyor visits your property to conduct a mortgage valuation, it’s understandable to expect some feedback or information during their inspection. However, surveyors are unable to share any details with you while they are inspecting your home. This can sometimes leave homeowners feeling frustrated or confused. So, why is this the case, and what role does the surveyor play in the process?
It’s important to understand that the surveyor’s primary responsibility is not to you, the homeowner, but to the mortgage lender. When you apply for a mortgage, the lender requires an independent evaluation of the property to ensure its value matches the amount they are lending. The surveyor’s job is to assess the condition of the property and its overall value, but all of this information is reported back to the lender, not to you.
This is why surveyors do not share any information during the inspection. They are acting solely in the interest of the lender, as their report will help the lender decide whether or not to approve the mortgage. The surveyor is not being dismissive; they simply cannot provide any details because they are not working for you.
There is a distinction between a mortgage valuation and a homebuyer’s survey. A mortgage valuation is a basic inspection, usually requested by the lender, to confirm the property’s market value. This is generally not a detailed examination of the property’s condition, but rather an appraisal of its worth based on factors like location, size, and general state.
In contrast, a homebuyer’s survey is a more in-depth inspection carried out for the buyer’s benefit. This is where you would typically receive a detailed report on the property’s condition, including any potential issues or repairs that might need attention. If you want a comprehensive view of the property’s health, it’s advisable to commission a full survey, such as a Level 2 or Level 3 survey, which focuses on the condition of the building, any defects, and potential maintenance issues.
In some cases, a surveyor may not even visit the property at all. For low-risk transactions, especially when the buyer has a low loan-to-value (LTV) ratio (meaning they are borrowing a small amount compared to the property’s value), an Automated Valuation Model (AVM) or a Desktop Valuation may be used instead.
An AVM uses local data, property sales information, and market trends to estimate the value of a property without requiring a physical inspection. Similarly, a Desktop Valuation is an online assessment using similar data, which is completed quickly – usually within a day or so of the surveyor receiving the request from the lender. These methods are typically used for lower-risk mortgage applications, where the lender feels confident that the valuation will be accurate without an on-site visit.
When a surveyor does visit your property, they will introduce themselves and typically present an ID card. They will need access to all rooms in the property to assess its condition. During the inspection, the surveyor may ask you questions about the property’s history, such as when it was built, if any significant improvements or extensions have been made, or if there are any unique features like an allocated parking space.
This information helps the surveyor build a complete picture of the property. For example, a dedicated parking space may add value to the property, while other factors, such as the age of the property or recent renovations, may also impact its overall valuation.
If you want to know more about the property’s condition or potential issues, it’s recommended to arrange a full survey. A mortgage valuation alone will not provide you with sufficient information about any defects or problems with the property. Investing in a homebuyer’s survey or a Level 2 survey will give you peace of mind, enabling you to make an informed decision about your purchase.
In summary, while a surveyor is unable to share any information during their inspection, it’s simply due to their duty to the mortgage lender, not to you. Understanding this can help set expectations and allow you to make decisions based on the right type of survey for your needs. For more guidance on property surveys, get in touch with us at Valunation. Our Referrals Team is happy to help you navigate the process and ensure you are well-informed before making any property decisions.
Contact us:
Call: 01206 363658
Email: referrals@valunation.com