Mortgage Valuations are not the same as surveys. The Level 1 (Condition Report) will give you a clear and concise “snap shot” of the condition of your potential purchase on the date of inspection. This is your report, prepared independently for you and not your Lender.
The Level 1 report is a home survey which provides an inspection of the property and incorporates a section which provides you with advice for your Solicitors along with a clear summary of the key risks associated with the purchase.
This report uses the red, amber, green colour coding system to rate individual elements of the property and highlight any areas of concern. It covers all aspects of the property, risks and legal considerations. The Level 1 report will provide you with an overview that will help you understand the construction of the property you are buying, any serious problems needing attention, and any areas of further investigations that need to be undertaken prior to commitment to purchase.
This new product has been developed to offer you an interim report that is more than your Lender’s mortgage valuation, but less than a Level 2 (HomeBuyer Report). We know that times are tough at the moment and that buying a new home is an expensive business. But we also believe that the investment you make in having a proper home survey carried out on your purchase by an independent Chartered Surveyor now is one that will pay dividends in the future.