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Valuing your residential or BTL property

House purchase

If you're buying a new home, we will need to arrange a valuation for mortgage purposes. This is to make sure the loan amount you require is appropriate and the property is valid security for the loan. The valuation may be a physical valuation, where a surveyor visits and assesses the property or a desktop valuation. The valuation is for mortgage purposes only and in most instances you won't be charged this valuation fee. Where the property is worth over £1.5 million there may be an additional charge to ensure an experienced RICS qualified surveyor completes the valuation (RICS are a firm of experienced surveyors, specialising in HomeBuyer Reports and Building Surveys). Where a valuation charge applies, specific details will be provided in the Mortgage Illustration document.

Please remember that this valuation is only designed for our purposes. It is not a survey and it doesn’t guarantee the property is free from defects.

We recommend that you obtain your own, more detailed survey to ensure that the home you’ve chosen is in a good state and condition.

Remortgaging

Similar to a house purchase, if you're remortgaging your existing property to Skipton, we will need to arrange a valuation for mortgage purposes. This will normally be at no charge to you (up to £1.5 million property value). This survey is for mortgage purposes only. More comprehensive surveys are also available, should you wish, but at your own cost. Please remember that this valuation is only designed for our purposes. It is not a survey and it doesn’t guarantee the property is free from defects.

RICS Home Survey – Level 2 and Level 3

Either of these surveys will cost more than a basic mortgage valuation, but maybe a good idea for certain properties e.g. if you are buying an older property. It could also provide you with important points to raise with the seller when discussing the purchase price. Unlike a basic mortgage valuation, these surveys are for your benefit, not ours.

Should you wish to arrange your own survey one option for you is to contact Connells, 01525 218665 and quote your application number. 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 an independent part of The Skipton Group.

RICS Home Survey - Level 2

A RICS Home Survey - Level 2 will give you general information about the condition of the property inside and out.

RICS Home Survey - Level 3

A RICS Home Survey - Level 3 will give you a complete review of the property's structure and pin-point any defects.

Scottish Home Report

In Scotland, sellers have to arrange a Home Report before they can market their property, which includes a survey by a RICS qualified surveyor. In most instances Skipton will arrange for a transcript of the Home Report directly with the surveyor who completed it, and this will be used for mortgage purposes. Where this can not be used, for instance if it is out of date, then a standard valuation for mortgage purposes will be instructed.

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