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Do I Need a Survey as Well as a Valuation?

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A definitive guide

By Camsure Home Surveys, October 26th, 2021, 4 min read

Do I Need a Survey as Well as a Valuation?

Property valuations and surveys are different. The former is conducted on behalf of your lender or an individual and just gives the market (and occasionally the forced sale) value that meets their investment criteria.

A property survey, however, is completed by your surveyor who will provide impartial advice upon the valuation which reflects the condition, type, location and environmental matters which may all affect the value of the property.

In circumstances where only a valuation commissioned by a lender is completed, it is possible significant defects may exist and many of these may only become apparent following a full property survey where further investigations are advised.

Lender valuations are intended to protect the lender in the first instance and only your surveyor, working for you, conducting a property survey on your behalf would potentially uncover these costs; this is why you need both a property valuation and a property survey.


What Is a Property Survey?

As we have seen, a property valuation survey and a property survey are different. So let's go into a bit more detail as to what a property survey is.

Firstly, you commission a detailed inspection of the property that looks at the overall construction, structural integrity, the state of repair and whether it's fit for purpose. It's always advisable to use an RICS regulated surveyor which assures you of a recognised minimum standard of the inspection and reporting upon the property.

We'll cover who they are and why it's advisable to use one later in this article.

Secondly, as no two properties are the same, with an RICS Camsure Homes surveyor, they can offer four options to choose from:

  1. RICS 'Red Book' Valuation
  2. RICS Level 2 Home Buyer Survey Report
  3. RICS Level 3 Building Survey with or without valuation
  4. RICS Level 2 Home Buyer Survey Report with Valuation

For more information, visit our "Which Survey Do I need" page.


What's the Difference Between a Survey and a Valuation?

A Valuation Survey is conducted for secured lending purposes or is privately commissioned and if, for secured lending purposes, it benefits the lender, not the buyer.

An in-depth survey provides far more detail in terms of the property's condition and other matters which may affect the value of the property and its saleability and will assist in you completing full due diligence prior to commitment to purchase to protect your financial interests.

Only with a property survey will you get a more accurate valuation and advice.


Why Use an RICS Surveyor?

It's always advisable to commission an RICS certified surveyor to inspect the property with the reassurance of having a professional working for you protecting your interests.

A lender valuation will quickly review the property and value it using comparable sales evidence of similar properties within the locality. However, it will not include the more rigorous inspection of the property's attributes, condition and environmental conditions affecting the property which are so important when acquiring a property.

Once the survey has been completed, the RICS surveyor can combine this with their local knowledge to provide an accurate market valuation if required.


What are the RICS Valuation Standards?

If you are planning to use an RICS surveyor you can rest assured over the standards of the inspection, report and valuation if required which will meet the rigorous requirements of RICS membership.

As an RICS registered surveyor, you also have the assurances over the RICS ethical codes of practice which are adhered to. If an independent valuation is required in addition to the survey, it would be completed in accordance with the guidelines contained within an RICS publication called, "The Red Book."

Only registered members of the Royal Institute of Chartered Surveyors (RICS) can conduct this type of valuation.

More information on the global standards set out by RICS in The Red Book.


How Do I Find an RICS Valuation Surveyor Near Me?

There are different options including:

  • Going to the RICS website and research their member's list.
  • Visiting Camsure Home Surveys website. We have experienced local RICS surveyors across much of the UK.

All of Camsure's chartered surveyors are RICS qualified and skilled in Valuation Surveys – see Areas We Cover.

Find out how we can help you by contacting one of our helpful team members today on 01223 862808.


Useful Links

RICS - www.rics.org

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