Whether you’re embarking on your journey as a first time buyer in Newcastle or contemplating a remortgage in Newcastle, choosing the right property survey holds significant importance.

Our team of experienced mortgage advisors in Newcastle is ready to help you in selecting the most appropriate option for your specific needs.

Mortgage Valuation

When applying for a mortgage, the property valuation process plays a crucial role in determining its true worth and assessing potential risks.

There are two primary types of valuations: physical and automated. Physical valuations involve an on-site surveyor assessing the property’s condition, making them particularly beneficial for properties with recent renovations.

On the other hand, automated valuations rely on online databases for comparisons with similar properties in the vicinity. While automated valuations offer speed, they may lack the precision of physical valuations. It’s worth noting that some lenders may provide a free valuation, but this can vary.

Mortgage valuations, although generally more affordable, offer basic insights compared to the more detailed information provided by property surveys.

Homebuyer Report (Level 2)

For prospective property buyers, obtaining a homebuyer report is advisable to ensure safety and quality. This in-depth inspection covers every room, identifying potential issues such as damp, mould, or structural problems.

The homebuyer report ensures compliance with current UK property laws and highlights legal matters needing attention before purchase. While more detailed than basic mortgage valuations, homebuyer reports come at a higher cost.

Some lenders may offer them as an add-on for an extra fee, or you can opt for an independent homebuyer report from an accredited surveyor.

It’s important to note that these reports may not be suitable for certain property types, such as listed buildings or those requiring significant modernisation.

Building Survey (Level 3)

A building survey stands as the most comprehensive property report option in Newcastle, suitable for all property types and especially valuable for older structures. It outlines necessary repairs, potential upgrades, legal issues, and offers advice on rectifying concerns.

This detailed survey covers a wide range, including energy efficiency, construction details, and visual inspections of key areas like roof space and ground floors. While more expensive, its thoroughness justifies the cost.

While mortgage lenders typically don’t offer building surveys outright, you can inquire about adding it to your valuation for an additional fee. Similar to homebuyer reports, it often does not include a market valuation, but this can be obtained for an extra cost.

Specialist Property Surveys in Newcastle

During a homebuyer report or building survey, issues may arise requiring further investigation and specialised reports.

Various specialist surveys are available, including damp and timber reports, roof assessments, drainage inspections, and examinations of gas, electric, asbestos, and central heating systems.

Should such concerns arise, we can potentially connect you with reputable contacts in Newcastle for these specialised surveys.

Date Last Edited: December 11, 2023