Frequently Asked Questions

 

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Customer FAQ’s

 

Frequently Asked Customer Questions

Can I discuss the mortgage valuation with the surveyor?
We would typically refer you back to the lender to discuss their report and the content. The report is written for their purposes therefore they are best to interpret it.
They will be able to help you, and if not will refer the matter back to us. This is important as it helps the lender keep track of all queries so that they can improve their performance and in turn, ours as third party suppliers. We have no barriers to a complaint policy and we will always take your call/email and details but we’ll need to liaise with our client lender in the first instance as to whether or not we are able to help.
Can I have a copy of the report?

This depends on your Lender. Some particular Lenders let you have a copy of the report, especially if you are a purchaser but you might not get it if you are remortgaging. This is because our agreement to carry out the mortgage valuation is with the Lender, even if you have made a payment to Metropolis Surveying Services directly.

Check with your Lender if you need a copy of their report.

Can the valuer just increase the valuation a little to allow my case to proceed?

The valuation can be reviewed at the lender’s request or as a result of a complaint if there is a genuine discrepancy; we are unable to amend a valuation to facilitate an application, even by a small amount.

How does the valuer decide what the value of my property is?

Our valuers form a professional opinion of value by sourcing similar properties that have been sold or let as appropriate in your area, within the last six months (where possible). The comparables are then analysed in relation to similarities and differences, then an opinion of value is formed. Positive and negative factors are considered in relation to matters such as location, size and condition.

The same process is adopted for purchase, remortgage, further advance and rental valuations.

How is my data protected? ISO 9001

ISO 9001 All data gathered throughout an application, is held securely and is not released into the public domain. Metropolis Surveying Services holds the ISO 9001 accreditation and awareness programme, so your data is safe with us and will never be released to any third party.

Read More about ISO 9001
My valuation is not what I expected, what do I do?

If a valuation is returned to a Lender and you do not agree with its conclusion, you must first discuss this with your Lender who will be able to advise you on the appropriate course of action.

The surveyor was only at the property for a short time; why is this?

The time spent on site largely depends on the property type, overall size and general condition. A valuation inspection for mortgage lending purposes is a walk through of the property by an experienced professional. Therefore, as the valuer is trained and experienced, he/she will notice things as he/she moves through-out the property. The valuer will do preliminary research before and additional research after the visit to the property. Therefore, although the time on site may seem brief, the valuer will have spent adequate enough time to collect the necessary information and provide the report to the Lender.

What are the benefits of a Building Survey?

Building Survey highlights;

  • Building Survey – A detailed report providing specific details of matters which require consideration before committing to purchasing a property.
  • Suitable for most property types including buildings in need of repair, or greatly extended.
  • The report is provided solely for you as our client.
  • Provides extensive information about construction methods and materials.
  • We comment on general condition of the property.
  • Provides professional advice on appropriate repair options and the implication of failing to attend to such matters.
  • Indicates future maintenance issues to help you plan future expenditure.
  • The location and significant environmental issues are reported on.
  • Provides information about energy saving matters.
  • Indicates potential health and safety issues.
  • Recommends further investigations where necessary.
  • Can also include advice about proposed alterations to the structure.
  • Provides advice on matters which your legal advisor should look into.
  • Sections of the report are colour coded(traffic lights)to help you interpret the findings.Building Survey
  • The report provides advice, which will help you in your decision making, allowing you to budget for current and future expenditure.

Contact us for a Building Survey quote

What are the benefits of a HomeBuyers Report?
Home Buyer Report highlights;
  • Home buyer report – A concise report which provides details of matters that require consideration before purchasing a property.
  • Suitable for properties that are conventionally constructed and in reasonable condition, that are built from the early Victorian period(approximately 1850) to the present day.
  • The report is provided solely for you, as our client.
  • We comment on general condition of the property.
  • The location and significant environmental issues also are reported on.
  • Indicates potential health and safety issues which may arise within the property.
  • Recommends further investigations where necessary.
  • Provides advice on matters which your legal advisor should look into.
  • Sections of the report are colour coded (traffic lights) to help you interpret the findings.
  • Provides a market valuation.
  • Includes an estimated cost of reinstatement for buildings insurance purposes.
  • The report provides advice which helps you in your decision making, allowing you to budget for current and future expenditure.home buyer report
What can a residential surveyor do for you?

Property transactions can be stressful and one of the biggest decisions of your life. Follow the below link to view an infographic that will explain what a residential surveyor can do, to improve your experience.

Click here
What is a Building Survey?
RICS Building Survey – A RICS Building Survey is appropriate for virtually any property type including those that are listed, unusual or requiring renovation and will provide comment on not only defects found, but also the cause, together with advice on the remedial measures required.
If you are dealing with a large, older or rundown property, a building that is unusual or altered, or if you are planning major works, an RICS building survey (formerly called a structural survey) will give you a comprehensive structural report including defects, repair and maintenance options. A building survey costs more than the other RICS reports because it gives detailed information about the structure and fabric of the property. 
Other examples of the area of expertise that building surveyors can specialise in are building defects, building regulations, construction contracts, dilapidation’s health and safety, and project management. 
This Survey (RICS Building Survey) provides a comprehensive report about the current condition of the property. On some occasions, building surveyors will also be able to produce budgeting costs for the works required, which can also be used for tendering with contractors. Services are not tested however, and recommendations for further tests and investigations will be made as with the HomeBuyer Report. It is therefore important for the customer to consider which report best suits their needs and what they hope to get from the Survey. Contact us and we will be more than happy to help.
The cost of a Full RICS Building Survey usually depends on the purchase price and location, although the nature and condition of the property can also be a consideration. it is important to note that the RICS Building Survey does not provide a valuation figure nor a reinstatement cost; these can be arranged for an additional fee. RICS Building Survey
What is a mortgage valuation?

A mortgage valuation is undertaken solely for the lender. This is designed to provide the lender with sufficient amounts of information to enable a decision on the suitability of a property for lending purposes to be made. This is NOT a survey and it is for the lender only.

 
All mortgage valuations are carried out in in agreement with the lender’s terms of engagement and in accordance with the RICS (Royal Institution of Chartered Surveyors) Valuation – Professional Standards Red Book. This then makes it clear to the valuers how comparable evidence should be used and consideration given to form an opinion of value for mortgage lending purposes. The inspection is purely visual in nature, no services are tested and only defects that the valuer feels should be brought to the Lender’s attention may be noted.mortgage valuation
Here is a short film which explains why a valuation is not a survey, and the benefits of getting a survey.

Getting a home survey, and not just a mortgage valuation, is essential when buying a property. RICS research shows that on average home buyers spend £5,750 on repair bills once they have moved into their new home. A home survey will provide the buyer with much more information on the state of the property and any work that will need to be carried out.

Mortgage Valuation – Make sure you know as much about the true condition of your future home, before you commit to buy.

Find Out Now

Mortgage Valuation is not a survey – Choosing the right survey will help highlight any serious problems and advise you of the specific risks before you commit to the process of buying or selling a property.

Choosing Between Surveys

 

Whats is a HomeBuyer Report?
A Homebuyers Report enables a purchaser to make a well-reasoned and informed decision on whether or not to purchase the property in question. The report is completed to a format as defined by the RICS (Royal Institution of Chartered Surveyors). The Survey is typically carried out on houses, bungalows and flats that are conventionally constructed, which are in a reasonable condition. The HomeBuyer Report would be suitable for properties that date from Victorian times (circa 1850) to present day.
 
The Homebuyers Report is a mid‐range survey and surveyors charge fees based on the purchase price and geographic location. Condition ratings describe the various elements of the property.
 
Surveyors will only report on areas of the property that are exposed and fully visible; no destructive investigations will be carried out. Services such as electrical wiring, drainage, gas installations and heating systems will not be tested (many people choose to have reports carried out separately with regard to these). In all cases, any further specialist investigations/tests which are recommended, should be undertaken prior to exchange of contracts.
 
The report also includes a market valuation and a reinstatement cost for rebuilding purposes. The reinstatement figure is the amount that the entire structure of the property should be insured for; it is also worth noting that this bears no relation whatsoever to market value as the figure is based on a mathematical calculation determined by floor area, type, location and other features.
When will the inspection be carried out?

This can depend on a number of contributing factors, such as availability of valuers, but our dedicated team, based in our Head Office in Hertfordshire, will ensure that your inspection will be carried out in a timely manner and make every best effort to accommodate both vendor and applicant.

Where does the valuer obtain the comparable sales data?

Our valuers obtain comparables from a variety of sources including Rightmove. We utilise a Surveyors Comparable Tool (SCT) to help source suitable comparable evidence to support an opinion of value. The tool, also provides a comprehensive collation of data including the sales history of a property, HMLR (HM Land Registry) data and maps. In addition to this, before the valuation is submitted, a series of checks are carried out to identify any discrepancies.