Is a mortgage valuation the same as a survey?

This is one of the most costly misunderstandings in property buying. A mortgage valuation is commissioned by the lender, for the lender, to answer one question: is the property adequate security for the loan? It's often brief, sometimes a drive-by or a desktop exercise, and it is not designed to find defects.

What that means in practice

• The valuer may spend minutes at the property, or never visit at all
• Significant damp, timber decay, or structural issues can go entirely unmentioned
• You typically can't rely on it legally, because it was produced for the lender, not you

What to do instead

Commission your own survey. For the building as a whole, that's a RICS Level 2 or 3 survey; where damp or timber problems are suspected or already flagged, a specialist damp and timber survey gives you the precise diagnosis and costed way forward. If the lender's valuation resulted in a retention for damp works, an independent specialist report is usually exactly what's needed to resolve it.