A RICS Level 1 Survey focuses on the condition of the property, while a mortgage valuation is primarily for the lender’s benefit. Key differences include:
Purpose: The Level 1 Survey informs the buyer about the property’s condition, whereas a mortgage valuation determines if the property is suitable security for a loan.
Depth: A Level 1 Survey provides more detailed information about the property’s condition than a standard mortgage valuation.
Client: The Level 1 Survey is for the buyer’s benefit, while the mortgage valuation is for the lender.