Ok so you or your clients need a survey and, sensibly, they know they should not rely on the mortgage valuation. It is so easy to let the client simply tick the box that ‘upgrade’ the valuation, but that tick could have massive implications for everyone involved in the transaction.
Here are five good solid reasons why Mortgage Brokers should encourage their clients to obtain a survey that is independent of the mortgage valuation, as opposed to upgrading the valuation.
1. If the mortgage valuation is free, an upgrade to a homebuyers or building survey is often more expensive than instructing an independent surveyor.
2. The independent surveyor is not obliged to tell the lender what he found in the survey; less chance of a retention then!
3. The independent surveyor is often more considered and is not under pressure to produce several reports in one day.
Pity the valuer in the dreaded mortgage valuation factory production line….
4. An independent surveyor is often less reliant on caveats. We, as a practice never recommend timber and damp companies but focus on providing solutions. A good surveyor is not a harbinger of doom, he gives pragmatic advice!
5. Many corporate surveyors provide a valuation at the end of the reports even when it is not requested. We do not put valuations on any of our reports, most people know what they want to pay, and the valuer is covering that advice anyway. As independent surveyors, we focus on our speciality.
So no more down valuations or risk of conflict with the mortgage valuation!
6. Independent surveyors are approachable and can be called any time. A mortgage valuer is often protected by the corporate invisibility cloak.
Desbruslais Chartered Surveyors is independent surveying practice specialising in prepurchase surveys on residential and commercial property throughout London and the south east. All Desbruslais Chartered Surveyors reports are proof read by non-technical staff to ensure our advice is clear and in plain English.