Do I Really Need a Survey If the Bank Is Doing a Valuation?
Short answer: Yes.
A mortgage valuation and a property survey serve very different purposes—and confusing the two can be a costly mistake.
Valuation vs. Survey: Key Differences
| Valuation | Survey |
| Conducted on behalf of the lender | Conducted for you, the buyer |
| Confirms property value meets the loan amount | Assesses the actual condition of the property |
| Often a brief, external inspection | Detailed internal & external examination |
| May take 15–30 minutes | Can take several hours |
| Limited to market value and security for the loan | Identifies defects, risks, and repair needs |
Why a Valuation Isn’t Enough?
A valuation is not designed to protect you—it’s to protect the lender’s investment. It might not reveal:
- Structural issues
- Damp, rot, or timber decay
- Roof defects
- Asbestos or outdated wiring
- Poor alterations or extensions
In some cases, the surveyor may not even enter the property.
Benefits of Getting a Survey
Investing in an RICS Level 2 (Homebuyer Report) or Level 3 (Building Survey) gives you:
- An independent assessment of the property’s condition
- Identify potential issues that could lead to financial implications beyond the sale price
- The opportunity to renegotiate based on findings
- Peace of mind before committing to the purchase
Conclusion
Even if your bank carries out a valuation, it’s essential to arrange your own house survey. The insights it provides can help you make informed, confident, and financially sound decisions—while avoiding hidden costs later.