A survey tells you about a property’s condition: its defects, the repairs it needs and the risks to look out for. A valuation tells you what it is worth. If you are buying a home, a survey protects you from expensive surprises and a valuation tells you whether the price is right. Your mortgage lender’s valuation is not a substitute for either, because it is carried out for the lender to decide how much it will lend.
This guide explains the difference, the main types of survey and valuation, and when it makes sense to get both.
What is the difference between a survey and a valuation?
| Survey | Valuation | |
|---|---|---|
| Answers | What condition is the property in? | What is the property worth? |
| Looks at | Structure, roof, walls, damp, services and visible defects | Size, location, condition, comparable sales and the market |
| You receive | Condition ratings and advice on what needs attention | A figure, with the evidence and reasoning behind it |
| Main types | RICS Level 1, 2 and 3 surveys; snagging surveys for new builds | Mortgage valuation; market valuation added to a survey; RICS Red Book valuation |
| Mainly used for | Deciding whether to buy, and at what price | Lending, negotiating, probate, divorce, tax and shared ownership |
Types of survey
- RICS Level 1 survey. A brief condition report for newer, conventional homes in good condition.
- RICS Level 2 survey. The most common choice for conventional houses and flats in reasonable condition. Each part of the property gets a condition rating, and you can add a market valuation.
- RICS Level 3 survey. The most detailed survey, for older, listed, altered or unusual properties, or homes already showing signs of trouble.
- Snagging survey. For new builds, recording defects and unfinished work for the developer to put right.
Not sure which level? Our guide to Level 2 vs Level 3 surveys takes you through it.
Types of valuation
- Mortgage valuation. Arranged by your lender to check the property is adequate security for the loan. It is a brief inspection for the lender’s benefit, not yours, and it does not look for defects on your behalf.
- Market valuation with a survey. A RICS Level 2 survey can include the surveyor’s opinion of market value, so you get condition and value from one visit.
- RICS Red Book valuation. A formal, evidenced valuation by a RICS Registered Valuer that third parties can rely on, used for probate, divorce, shared ownership, Help to Buy, tax and legal matters. Read what a Red Book valuation is.
Is a mortgage valuation a survey?
No. A mortgage valuation is carried out for your lender, to confirm the property is worth enough to lend against. It is not designed to find defects, and you may never see more than the figure. Many buyers assume the lender’s valuation has checked the property for them, and find out otherwise after they move in. Read more in mortgage survey vs RICS survey.
When do you need a survey?
Whenever you are buying a home, before you exchange contracts. Once you exchange, you are legally committed, so anything the survey finds needs to be known before then. A survey gives you the chance to budget for repairs, get quotes, renegotiate the price or walk away.
When do you need a valuation?
- When buying, if you want an independent view on whether the price is fair. Adding a market valuation to a Level 2 survey is the simplest way to do this.
- When you are not buying but need a formal figure: for probate and inheritance tax, divorce, shared ownership staircasing, repaying a Help to Buy loan, tax or transferring a share of a property. These need a RICS Red Book valuation.
- When remortgaging, your lender arranges its own valuation.
Can you get a survey and a valuation together?
Yes. A RICS Level 2 survey can include a market valuation, so one surveyor looks at both condition and value in a single visit.
A RICS Level 2 survey starts from £425, or from £575 with a market valuation added, for properties worth up to £300,000. All fees include VAT. See our house survey cost guide.
Which do you need? A quick guide
| Your situation | What to get |
|---|---|
| Buying a conventional house or flat | RICS Level 2 survey, with a market valuation if you want a view on the price |
| Buying an older, listed, altered or unusual property | RICS Level 3 survey |
| Buying a new build | Snagging survey |
| Probate, divorce, shared ownership, Help to Buy or tax | RICS Red Book valuation |
| Remortgaging | Your lender arranges its own valuation |
Survey vs valuation: frequently asked questions
Does a survey include a valuation?
Not automatically. A RICS Level 2 survey can include a market valuation if you ask for it when you book.
Do I still need a survey if my lender has done a valuation?
Yes, if you want to know about the property’s condition. The lender’s valuation is for the lender and is not designed to find defects.
What if the valuation is lower than the price I agreed?
You can use it to renegotiate, and your lender may lend less than you expected. Our guide on negotiating the price after a survey explains how to approach the seller.
How much does a valuation cost on its own?
A RICS Red Book valuation starts from £275 for properties worth up to £400,000. All fees include VAT.
The fee depends on the property and what the valuation is for, and we confirm it before you instruct us.How much does a survey cost?
It depends on the level of survey and the value of the property. Our house survey cost guide sets out our fees.
Book a survey or arrange a valuation
Buying a home? Get a fixed price for a RICS Level 2 or Level 3 survey online. Need a formal valuation? Tell us what it is for and we will confirm the right valuation and a fixed fee.
