Income protection is an insurance policy that pays you a percentage of your income if you’re unable to work due to illness or injury. It’s designed to help with essentials like your mortgage, household bills, and everyday living costs until you recover or reach the end of the policy term. Unlike short‑term payment protection, this cover offers longer‑term security. Which is why many homeowners consider it alongside their mortgage planning.
There are 3 different types of valuation/survey. The lender will always carry out their own , but you may choose to have your own carried out independently . The value to you is a higher level of detail, and a higher level of protection, think of it as having a look at the MOT certificate before you buy a car. We can supply you with a RCIS qualified surveyor, so please just ask.
1. Mortgage Valuation – For Flats and Houses
Purely for mortgage purpose to give a valuation on property, ensure the property is adequate security for the lender and to make sure there is not anything dramatically wrong with the property. If you have a larger deposit, lenders often conduct desk top valuations/drive buy valuations, or even automated valuations. This means that you will not have a professional even look at the property. These are often free.
2. Homebuyers Survey – For Flats and Houses
A Homebuyer Report is a survey suitable for conventional properties in reasonable condition. Costs start at £450 , the larger/more expensive the property, the higher the cost.This will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.The Homebuyer Report does not look beyond the floorboards or behind the walls.Some home-buyers’ reports include a mortgage valuation, so you might be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.
3. Building Survey – For Houses
A RICS Building Survey is the most in-depth and comprehensive report available. It provides a detailed picture of the property’s construction and condition. This includes the roof, chimney, wall, floor, ceiling, door, and window. A building survey also includes advice on how to deal with certain problems discovered at the property. This includes repair options and the consequences of leaving any potential issues untreated. It is also referred to as a Level 3 Survey.As a guide you should choose an RICS Building Survey if you are dealing with a run-down, larger, or older property, a building that is unusual or altered, or if you are planning major works.
If there’s no valuation included, you could use the report’s suggestions for repairs to renegotiate the price. For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, it’s reasonable to offer £5,000 less than the asking price.
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