What to expect during the mortgage valuation and survey process
Once a sale is agreed, the next major step is the mortgage valuation and, often, an additional property survey. These assessments are crucial for both buyers and sellers, as they confirm the property's value and condition to lenders and buyers alike. Knowing what to expect can help smooth this critical stage of the transaction.
What is a mortgage valuation?
A mortgage valuation is a basic assessment conducted on behalf of the buyer’s lender to confirm that the property is worth the agreed price. It ensures the lender isn’t lending more than the property is worth, protecting their investment.
Key points about mortgage valuations:
It’s for the lender, not the buyer: A mortgage valuation is not a detailed inspection; it’s purely about the property’s value.
The cost is typically covered by the buyer: This may be included as part of the mortgage arrangement fee or charged separately.
It’s not the same as a survey: Buyers should not rely on a mortgage valuation to understand the property’s condition.
What is a property survey?
A survey is a more comprehensive inspection of the property, commissioned by the buyer to assess its condition and identify any potential issues. There are different types of surveys, depending on the buyer’s needs:
Condition Report: The most basic option, highlighting major risks or defects.
Home Buyer Report: A mid-level inspection covering structural issues and defects like damp or subsidence.
Full Building Survey: The most detailed option, ideal for older or unusual properties, or where significant renovation is planned.
What sellers should expect
Prompt Booking
Once the sale is agreed, the buyer’s lender or surveyor will contact the estate agent or seller to arrange access to the property. Sellers should accommodate these requests promptly to avoid delays.
Inspection Day
A valuer or surveyor will visit the property, usually spending 30 minutes to several hours, depending on the type of assessment. Sellers can expect them to:
Inspect key areas like the roof, walls, windows, and foundations.
Check internal features like plumbing, electrics, and overall condition (for detailed surveys).
Feedback and Outcomes
While sellers won’t usually receive a copy of the valuation or survey report, they may hear about any issues raised. If concerns are flagged, such as damp or structural defects, the buyer might renegotiate the price or request repairs. This will be communicated through your estate agent.
What buyers should expect
Valuation Timing
Mortgage valuations are typically arranged within a week of applying for the mortgage. Once completed, lenders usually confirm the results within 48-72 hours.
Survey Choice
Buyers should decide early whether they’ll commission a survey and which type. Many opt for a HomeBuyer Report as it provides a good balance of detail and cost.
Potential Issues
If the valuation or survey flags issues:
Low valuation: The lender may reduce the mortgage offer, leaving the buyer to cover the shortfall or renegotiate with the seller.
Defects: Buyers may ask the seller to fix problems or adjust the agreed price.
How to avoid delays or issues
Both sellers and buyers can take steps to streamline the process:
For sellers:
Ensure the property is tidy and accessible for the valuer or surveyor.
Provide documents like guarantees, planning permissions, or certificates for recent work.
Be honest about known issues to avoid surprises.
For buyers:
Arrange the valuation and survey as soon as the sale is agreed.
Communicate clearly with your lender, surveyor, and solicitor about any concerns.
Budget for repairs or renegotiation if the survey highlights problems.
What Open Moove suggests next
The mortgage valuation and survey process can make or break a sale. Here’s how you can stay ahead:
For sellers: Proactively disclose any potential issues and provide easy access for the valuer or surveyor.
For buyers: Choose the right survey for your needs and address any concerns with your solicitor as soon as they arise.
At Open Moove, we’re here to guide you through every step of the moving journey. With clear updates and helpful resources, we make it easier for buyers and sellers to stay informed and prepared.
Knowledge is power. Open Moove helps you take control.

Comments