RICS Home Survey Level 2 with a commissioned valuation
RICS Home Survey Level 2 with valuation
A Level 2 survey with a commissioned valuation: what the valuation adds, who may carry it out, and how it differs from a lender's mortgage valuation.
Last reviewed 31 August 2026
What does a Level 2 survey with valuation add?
This is a Level 2 condition survey with a valuation specifically commissioned alongside it. The condition element is unchanged. The valuation adds a considered market figure, and usually an insurance reinstatement figure, prepared under RICS valuation standards. A formal Red Book valuation must be carried out by an appropriately qualified RICS Registered Valuer, and it is separate from any valuation your lender arranges.
At a glance
- Two outputs
- Condition reporting plus a commissioned valuation.
- Who may value
- An appropriately qualified RICS Registered Valuer.
- Lender valuation
- Separate. Your lender instructs its own valuer.
- Reinstatement
- A rebuild figure for insurance is commonly included — confirm at instruction.
Market value and reinstatement cost are different figures
Market value is what the property could reasonably be expected to sell for. Reinstatement cost is what it would cost to rebuild it after a total loss, which is what buildings insurance is based on. The two are unrelated and often move in opposite directions.
Conflating them is one of the most common misunderstandings in a purchase, and it leads to properties being insured for the wrong sum.
How the condition findings feed the figure
Where the inspection identifies defects, the valuer can reflect them in the reported figure and explain the basis. That is what makes the report useful in a renegotiation: the number carries reasoning rather than assertion.
The report will state its assumptions and any special assumptions. If something material could not be inspected, that limitation is recorded rather than glossed over.
Why your lender's valuation is not this
A mortgage valuation answers the lender's question about security for the loan. It is commissioned by the lender, addressed to the lender, and is not a substitute for a buyer's survey or for advice you can rely on.
Three different figures, three different purposes
| Figure | Prepared for | What it answers |
|---|---|---|
| Market valuation | You, the commissioning client | What is the property reasonably worth today? |
| Reinstatement cost | Your insurer | What would rebuilding cost after a total loss? |
| Mortgage valuation | The lender | Is the property adequate security for this loan? |
Who this is for
A good fit if
- Buyers who want condition findings and a market figure in one commission
- Owners needing a considered value for a decision rather than an agent's appraisal
- Anyone setting a buildings insurance sum insured for the first time
Not the right choice if
- Buyers who only need condition reporting — commission Level 2 alone
- Complex, older or heavily altered properties, where Level 3 is the appropriate inspection
- Statutory or court purposes requiring a specific valuation basis, which must be scoped separately
Getting the instruction right
The valuation must be commissioned explicitly, and the purpose stated up front.
1.State the purpose
Purchase negotiation, insurance, probate, matrimonial or tax purposes all carry different bases and requirements.
2.Confirm who is valuing
Ask for confirmation that the valuation will be undertaken by an appropriately qualified RICS Registered Valuer.
3.Check the level fits the building
If the property is old or altered, the condition element should be a Level 3 rather than a Level 2.
Read about Level 3
When to bring in a specialist
- Formal valuations for tax, probate, matrimonial or litigation purposes: scope with the appropriate valuer and adviser before instructing.
- Structural defects affecting value: a structural engineer's input may be needed before a figure can be finalised.
Common questions
Limitations and sources
- A formal Red Book valuation must be carried out by an appropriately qualified RICS Registered Valuer. Never assume a condition report includes one.
- A valuation reflects the market at the valuation date and the assumptions recorded in the report.
- Legal, tax and financial consequences are general information here — take advice from your conveyancer or accountant.
- Nothing on this page is a professional opinion about a specific property. KJ Surveyors has not inspected your building, and general guidance cannot replace an inspection and report.
Last reviewed 31 August 2026.
Where to go next
- the valuations hub — the parent page for every valuation purpose we cover.
- the condition-only Level 2 — if you do not need a figure at all.
- what surveys cost — how commissioning a valuation alongside changes the fee.
Tell KJ why you need a figure
Purchase, insurance, probate or a family matter — the purpose sets the basis, and the basis sets who must carry out the valuation.
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KJ gives general guidance only and has not inspected your property. A professional opinion follows an inspection by a surveyor.