SURVEYS AND VALUATIONS STANDARD FEE SCALES – 2021
0.0 MORTGAGE VALUATIONS
The purpose of this valuation is to satisfy the Bank or Building Society that the property provides adequate security for mortgage facilities to be provided. The report comprises a brief description of the property, a superficial inspection only of the condition, a market valuation for mortgage purposes, and a replacement valuation for insurance purposes.
Purchase Price Fee (Minimum Fee)
£0 – £300,000 0.150% (£225.00)
£300,001 – £600,000 0.125% (£450.00)
£600,001 – £1,000,000 0.100% (£750.00)
Over £1,000,000 0.100% by arrangement
Re-valuation letter – from £250.00 per visit
1.0 RICS SURVEY LEVEL ONE
This service is designed for clients (buyers, sellers and owners) seeking a professional and objective report on the condition of the property at an economic price. As a result, it is less comprehensive than survey level two and survey level three.
Fee: Calculated at 0.2% of the purchase price or estimated valuation with a minimum fee of £1,000.00
2.0 RICS SURVEY LEVEL TWO
This comprises a relatively detailed inspection of the property and records any significant defects, reference is also made to less significant defects of a general nature. A mortgage and an insurance valuation can also be included at an extra cost. This report is only suitable for smaller properties such as a three bedroom house or bungalow post 1900. The Survey Level Two is not normally suitable for properties with values in excess of £1,000,000.00.
Purchase Price Fee (Minimum Fee)
Up to £900,000 0.300% (£1,500.00)
£900,001 to £1m by arrangement
3.0 RICS SURVEY LEVEL THREE
This type of survey is the most in depth property inspection provided. The report will contain a detailed description of the building elements and will identify all visible defects. It will also make certain recommendations in respect of concealed elements of the building. If requested, an approximate estimate of the remedial work required can be provided.
Fee: Calculated on a time basis of £250.00 per hour (Chartered Surveyor)
4.0 MARKET VALUATIONS/PROBATE VALUATIONS
Fee scale in accordance with Section 0.0 above. Any such valuation is prepared for the purpose of an assessment of the market value and is to be considered as an expression of opinion. It is not a structural survey and is based on a superficial inspection only.
5.0 COMMERCIAL AND UPPER TIER RESIDENTIAL VALUATIONS
Fee: By arrangement (but normally 0.2% – minimum fee £1,000.00)
6.0 SCHEDULES OF CONDITION/DILAPIDATION
Fee: By arrangement (but normally on a time basis as 3.0 above)
Cheques should be made payable to Wills& Co Ltd. Bank transfers should be made to
Lloyds Bank 30-94-61 Account no. 74594168, using the property address as a reference.
N.B. Fees quoted do not include, but are subject to, 5% GST