What is a Valuation Report?
A Valuation Report on a property is usually arranged by a Bank, Building Society or Finance Provider, when they are considering providing a mortgage. The aim of the report is to inform the lender of the value of the property and to ensure the mortgage is appropriate. It does not involve a thorough inspection of the property and in some cases may not even involve a visit. It is a slimmed down report and will not have the detail that would be found in a HomeBuyer Report or in a Building Survey.
Why might you need a Valuation Report?
A Valuation Report may also be commissioned for probate after the owner or one of the owners of a property has become deceased. Another situation is where a divorced couple are working through the difficult process of dividing up their joint property and hence need to determine a reasonably accurate value but possibly without actually proceeding to a sale. A valuation is also useful for a sale within a family.
Before selecting a possible Surveyor you should ensure that they have satisfactory qualifications, accreditation, experience and insurance.
If you decide to commission a HomeBuyer Report, please bear in mind that it will not usually also include a valuation but you will need to check this with your chosen Surveyor, to confirm what is included.
If you would like more information on the differences between surveys, please click here.
If you are looking for contact details for Mortgage Brokers then click here.
Do you carry out Valuation Surveys
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