Valuations

We’re legally obliged to assess the value of a property for mortgage purposes, which may not always involve a physical inspection of the property. We won’t release a copy of the valuation report unless circumstances justify us doing so.

Your clients are strongly advised to get their own report on the condition and value of the property, based on a fuller inspection, such as a Homebuyers Report or Full Building Survey.

Property decision at DIP

In some cases, we'll have enough information on the property at DIP to decide we wouldn't be prepared to lend, for example, if the property is in a known flood area. This will show on the DIP results screen.

  • If your client decides to purchase a different property, you'll be able to amend the DIP.
  • If you want to challenge the property decision, complete the DIP property decline form and provide evidence/a valid reason for your challenge to be considered.

Automated valuations (AVM)

Where the AVM values a property at the purchase price (or your client's estimated value) and it passes our criteria, we'll provide approval on your client's property and (subject to no further changes) no further valuation will be required.

Where the AVM provides a value lower than the purchase price (or your client's estimated value), we'll request a Mortgage Valuation Report, which'll involve a physical inspection on the property.

It's not possible to complete an AVM on properties in Scotland, Northern Ireland or for New Build properties.

AVMs will expire in line with the DIP, and a new valuation will need to be obtained.

Mortgage Valuation Report (MVR)

We won't charge for the MVR. The report will involve a physical inspection of the property for mortgage purposes only. It may not reveal serious defects and there may be important inaccuracies or omissions. It's not a Structural or Building Survey Report.

This report is only valid for 90 days, after which a new valuation will be required.

Homebuyer Report

A Homebuyer Report provides more detailed information for applicants on the condition of the property, together with an opinion of its open market value. Major defects will be listed with recommendations which may involve seeking specialist services. The report won't list every minor defect and it isn't a structural or building survey.

A Homebuyer Report may be unsuitable for some older or large properties, but the valuer will inform the applicants if this is the case.

The valuer will obtain an authority to undertake the Homebuyer Report direct from the applicants and will forward the report direct to the applicants.

We don't need to see the Homebuyer Report as we'll obtain a separate Mortgage Valuation report usually from the same valuer.

Homebuyer report and full building survey fees
Property value
Homebuyer report fees (includes VAT)
Full building survey fees (includes VAT)
£0 - £50,000

£225
£415
£50,001 - £100,000
£440
£100,001 - £150,000

£275
£490
£150,001 - £200,000
£540
£200,001 - £250,000

£325
£590
£250,001 - £300,000
£640
£300,001 - £400,000
£375
£690
£400,001 - £500,000
£425
£740
£500,001 - £600,000
£450
£840
£600,001 - £700,000
£500
£940
£700,001 - £800,000
£550
£990
£800,001 - £900,000
£600
£1,090
£900,001 - £1,000,000
£650
£1,190
£1,000,001 - £1,500,000
£700
£1,390
£1,500,001 - £2,000,000
£800
£1,590
£2,000,001 - £2,500,000
£1,000
£1,990
£2,500,001 - £3,000,000
£1,250
£1,990
£3,000,001 - £3,500,000
£1,500
£2,390
£3,500,001 - £4,000,000
£1,700
£2,390
£4,000,001 - £4,500,000
£1,850
£3,190
£4,500,001 - £5,000,000
£2,000
£3,190
£5,000,001 - £6,000,000
£2,250
£3,990
£6,000,001 - £7,000,000
£2,750
£4,790
£7,000,001 - £8,000,000
£3,500
£5,990
£8,000,001 - £9,000,000
£4,500
£7,490
£9,000,001 - £10,000,000
£6,200
£9,490

For Equity Share, Shared Ownership and Restricted Resale Price applications, the valuation fee will be based on the full open market value of the property.

Full Building Survey

Recommended when purchasing an older, altered or run-down property, or if major works are planned. This comprehensive report includes detailed information on:

  • The fabric and condition of the property with a diagnosis of defects and repairs and maintenance advice
  • Visible defects and potential problems caused by hidden defects
  • Repair options including details on the risk of ignoring them.

If your client would like a Full Building Survey:

  • Your client must call us on 0800 464 3028 to get the contact number of the firm who'll be carrying out the MVR. This must be carried out as soon as the case has been submitted, as your client will need to contact the firm before they carry out the MVR and arrange for them to do the Full Building Survey at the same time. If the firm isn’t contacted in time, your client may be quoted a higher fee than listed below.
  • Your client will need to pay the Full Building Survey fee direct to the valuation firm.
  • Alternatively, your client can approach a different company to get a Full Building Survey quote.

You're not required to enter any notes regarding the building survey on NFI Online. For full details of what is included in a Homebuyer Report and Full Building Survey, download a free guide from the Royal Institution of Chartered Surveyors.

Homebuyer report and full building survey fees
Property value
Homebuyer report fees (includes VAT)
Full building survey fees (includes VAT)
£0 - £50,000

£225
£415
£50,001 - £100,000
£440
£100,001 - £150,000

£275
£490
£150,001 - £200,000
£540
£200,001 - £250,000

£325
£590
£250,001 - £300,000
£640
£300,001 - £400,000
£375
£690
£400,001 - £500,000
£425
£740
£500,001 - £600,000
£450
£840
£600,001 - £700,000
£500
£940
£700,001 - £800,000
£550
£990
£800,001 - £900,000
£600
£1,090
£900,001 - £1,000,000
£650
£1,190
£1,000,001 - £1,500,000
£700
£1,390
£1,500,001 - £2,000,000
£800
£1,590
£2,000,001 - £2,500,000
£1,000
£1,990
£2,500,001 - £3,000,000
£1,250
£1,990
£3,000,001 - £3,500,000
£1,500
£2,390
£3,500,001 - £4,000,000
£1,700
£2,390
£4,000,001 - £4,500,000
£1,850
£3,190
£4,500,001 - £5,000,000
£2,000
£3,190
£5,000,001 - £6,000,000
£2,250
£3,990
£6,000,001 - £7,000,000
£2,750
£4,790
£7,000,001 - £8,000,000
£3,500
£5,990
£8,000,001 - £9,000,000
£4,500
£7,490
£9,000,001 - £10,000,000
£6,200
£9,490

For Equity Share, Shared Ownership and Restricted Resale Price applications, the valuation fee will be based on the full open market value of the property.

New build valuations

Please visit our dedicated New build page for information.

Home Reports in Scotland - Single Surveys

From 1 December 2008, all vendors of a residential property in Scotland must provide potential purchasers with a copy of a Home Report Pack which will contain a Single Survey, Energy Report and a Property Questionnaire. A generic Mortgage Valuation report will also be included.

Transcriptions

From 1 February 2010 the only transcriptions accepted are those arranged under the Scottish Home Report (single survey) process for purchase mortgages introduced in December 2008. Transcriptions aren't accepted for remortgage applications and those relating to new build properties.

For acceptance of these transcriptions the following points apply:

  • The valuer providing the transcription must be the individual who prepared the original Home Report or inspected the new property.
  • The firm employing the valuer must be on the Nationwide panel.
  • The valuation figure cannot be older than 90 days from the date of inspection.
  • Where the valuation figure is a result of a 'refresh' of the original Home Report, it must be based on an internal/external inspection that has taken place within the last 90 days.

The transcript will only contain the same information and valuation figure as the Single Survey. A valuer may however, at the request of the seller, update ("refresh") the report which could result in changes, including the valuation figure. To refresh a report the valuer must re-inspect the property.

Nationwide will instruct valuers to forward transcripts only if they have inspected (or re-inspected) the property within 3 months from receipt of our instructions.

Instructing valuations

  • Where a Single Survey has been prepared by a panel valuer, request a transcription via NFI Online or MTE in the usual way.
  • If the valuer isn't on our panel the transcript request will be rejected by Countrywide surveyors.
  • If when the instruction is received, a transcript cannot be issued, the request will be rejected by Countrywide surveyors.

Where a transcription cannot be provided we'll let you know and we'll arrange a standard valuation.

Exempt properties

The following properties are exempt from the requirement to have a Home Report Pack and will not therefore require a Single Survey:

  • New and newly converted properties that are to be occupied as residential units for the first time.
  • Properties already being marketed before 1 December 2008.
  • There are no changes to the processing of these applications.

Scottish Valuation Instructions

 
Home Report
Private/Self Instruction
Nationwide to Instruct
New Build Purchase
N/A
No
yes (compulsory)
Nationwide must instruct the valuation in all new build cases even if there is a valuation available for a transcription.
Non Open Market Sale - Private/Family Sale/Right to buy etc
No
No
yes (compulsory)
Nationwide must instruct the valuation in these cases even if there is a home report transcript or self instructed transcript available.
Remortgages
No
No
yes (compulsory)
For all remortgages Nationwide must instruct the valuation. There are no circumstances where Nationwide will accept a home report transcript or self instructed valuation for remortgages.
2nd Hand Purchase - Open Market Sale
yes
No
yes (optional)

Transcripts of home reports are acceptable for open market purchases providing the surveyor is on Nationwide's panel. If the surveyor who prepared the original home report is not on Nationwide's panel then Nationwide must instruct the valuation.

The original home report must have been carried out prior to the date of the mortgage application. It is acceptable, however, for any refresh which may be required to be dated after the mortgage application.

Transcripts are not acceptable where the transaction is not an open market purchase (e.g. private sale/family sale/right to buy) even if there is a home report in existence. Please see further home report notes above.


Valuation appeals

If you or your client wish to appeal the valuation figure, it’s important to contact us before submitting the appeal. We'll discuss the specific circumstances of the case and let you know the information we need to consider the appeal. This will include:

  • Two (preferably three) suitable comparable sales - each must be comparable by type, size and location, and include information such as date of sale and selling agent details.
  • Supporting commentary - clearly explaining why the valuation is considered incorrect.

Important information:

  • Any appeals received with missing information, or which don’t meet the necessary requirements are likely to be dismissed.
  • Valuations can only be appealed within 7 working days of you or your client being made aware of the valuation outcome.
  • We’ll respond to the appeal within 7 working days. The response will be the final outcome and the valuation can’t be appealed again.

Once you’ve contacted us, you can submit your appeal to valuation.appeals@nationwide.co.uk.

Switcher valuation appeals

If you or your client wish to appeal the property valuation figure returned by NFI Online as a part of a rate switch application, please complete the Rate Switch Valuation Appeal Form and email this to switchervaluationappeals@nationwide.co.uk