Buying a house or remortgaging
If you’re buying a new home or remortgaging, we will need to arrange a valuation as part of the process. This valuation is to check that your loan amount is appropriate for the property’s value, and is deemed ‘suitable security’ for lending purposes.
It’s important to note that this valuation is prepared for Skipton Building Society rather than you, the borrower. As such, in most circumstances, we won’t charge you for it – unless the property value exceeds £1.5 million or is located off the mainland or in a remote location, in which case additional fees may apply.
Surveys and valuations
This valuation is not a survey and does not guarantee that the property is free from defects, so we strongly recommend booking your own survey which you can pay for separately – please see the information about this below.
The valuation may be a physical, in-person valuation or a desktop valuation where the surveyor uses publicly available information to assess the property’s value. We may also use a specialist database to compare the property’s details against other comparable homes in the local area.
RICS Home Survey – Level 2 and Level 3
As mentioned above, we would always recommend getting a property survey in addition to the valuation that’s carried out for Skipton Building Society.
A survey won’t delay your mortgage application but could highlight any defects or provide a discussion point around the property’s price. It’s a useful tool that’s designed for the homebuyer and could provide additional peace of mind.
Should you wish to arrange your own survey, one option for you is to contact Connells Survey & Valuations, 01525 218665 and quote "Skipton" and your application number. All Skipton borrowers can expect to receive a discount on the elevated surveys; this can be as much as a 28% discount. Connells will talk to you about the property being purchased, your options and the cost. This survey will be independent of Skipton and not used for mortgage purposes. Connells is part of The Skipton Group.
RICS Home Survey - Level 2
A RICS Home Survey - Level 2 considers any significant repairs or replacements the property needs.
RICS Home Survey - Level 3
A RICS Home Survey - Level 3 Provides detailed advice on the condition of the property and will describe the identifiable risks of potential or hidden defects.
Scottish Home Report
In Scotland, sellers must arrange a Home Report before they can market their property. Transcriptions must be carried out by a valuer on our approved panel and must be no more than three months old at the date of application. For any transcripts which are out of date we will arrange for a mortgage valuation to be carried out. The valuation is prepared for Skipton (not for the borrower). There may be some additional travel fees if the property is off the mainland or in a remote location. Where the property is worth over £1.5 million there may be an additional standard valuation charge.
The Skipton Home Conveyancing service and standard valuation are not regulated by the Financial Conduct Authority.