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Valuations explained

If you're buying, remortgaging or looking to borrow more on your mortgage, you'll need a valuation on your property.

The type of you valuation you select is up to you, so it's important you understand what you're paying for.

Automated Valuation Model (AVM)

An AVM is a desktop valuation calculated using information from a variety of sources and databases. It doesn't involve a visit to your property to carry out a visual inspection, and it doesn't provide you with details about its condition. 

The valuation is checked and endorsed by our panel of Royal Institution of Chartered Surveyors (RICS) regulated surveyors. Due to the nature of the calculation, the valuation figure can't be challenged. 

AVM Cost
£40

Basic Valuation

A basic valuation is to check that the loan amount is appropriate for the property value, and is deemed suitable security for lending purposes.

This valuation is not a survey and doesn't guarantee that the property is free from defects.

The cost of the valuation will vary.

Price/ValuationCost   
Up to £150,000£190
Up to £250,000£205
Up to £350,000£250
Up to £500,000£310
Up to £750,000£450
Up to £1,000,000£600
Up to £1,500,000£850
Up to £2,000,000 £1,250
Over £2,000,000Price on enquiry

It's important to note that both an AVM and a Basic Valuation are prepared for the Marsden, instead of for you as the borrower. 

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Homebuyer Report

The RICS Homebuyer Report (Level 2 Survey) is a visual inspection of the property to evaluate its overall condition and state of repair. Major faults and defects will be identified in the homebuyers report, and their potential implications highlighted, along with recommendations for further action.

The survey includes:

  • A visual inspection of all building elements, both interior and exterior, including walls, ceilings, roof, guttering, windows, and doors.
  • A visual appraisal of services such as gas or oil heating, electricity, water, and drainage with recommendations made for further inspections if necessary.
  • A 'traffic light' grading system used to indicate the severity of any defects found.
  • Urgent repair issues and future maintenance requirements highlighted.
  • If applicable, observations about planning and building control, disputes, and other legal matters noted for your conveyancer to investigate further.

During the inspection the valuer will also examine the roof, walls, pipes, timber and other visible areas of the home to identify any significant defects. 

The report comes in a standard paper format and uses a user-friendly Condition Rating System.

  • Condition Rating 3 – Serious defects that require urgent repair, replacement or investigation.
  • Condition Rating 2 – Defects that need fixing or replacing , but are not considered urgent or critical.
  • Condition Rating 1 – No repairs are currently necessary.

Please note, depending on the product you select, the cost of a Homebuyer Report may be discounted. We'll communicate any discount to you.

Price/ValuationCost   
Up to £250,000£450
Up to £500,000£550
Up to £750,000£650
Up to £1,000,000£800
Up to £1,500,000£1,350
Up to £2,000,000 £1,750
Over £2,000,000Price on enquiry

Building Survey

The RICS Building Survey (Level 3 Survey) is a comprehensive report which gives you a detailed assessment of your property. It includes a thorough inspection, detailed analysis and expert advice, with photos to give you with a full overview. The report covers:

    • A detailed structural assessment, identifying any defects or areas of concern.
    • An assessment of the condition of all accessible building elements, including walls, floors, roofs, windows and doors.
    • Checks for signs of dampness, timber rot, and woodworm infestation that could affect the property's integrity.
    • Detailed information about the materials used in the property's construction and any potential issues related to them.
    • Recommendations for repairs and maintenance, including any immediate actions required.
    • An assessment of the effectiveness of insulation and the condition of drainage systems.
    • Identification of hidden issues like subsidence, structural movement, or hidden dampness.
    • Legal consideration such as unauthorised alterations or lack of building regulations approval.
    • Environmental and location factors such as flood risks or the presence of radon gas.
    • Future maintenance advice to preserve the property's condition.
    • Suitability of the property for renovation, including the feasibility and potential costs involved.
    • Suggestions to improve the property's energy efficiency.

 

Building Survey Cost
Available on request

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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