What are valuations and surveys?
A Valuation
A valuation is an inspection carried out on behalf of your
mortgage lender to determine the amount and terms of a mortgage
offer. Your mortgage lender will probably ask you to pay for
the valuation and will send you a copy of the report.
A valuation is not a survey. It's a limited inspection to
identify problems that affect the security of your mortgage
lender's loan. A property can have defects that are critical
to a prospective buyer, but are not of concern to the mortgage
lender and therefore won't appear in a valuation report. That's
why you should not just rely on the information provided by
a valuation when deciding whether or not to purchase a property
A Survey
You should have a survey carried out on the property you
intend to buy, and carefully consider its results before entering
into a contract to buy it. Depending on the seriousness of
any defects and costs of necessary repair work, you could
try to re-negotiate the purchase price to reflect the cost
of repairs in your offer or decide not to purchase the property
at all.
Specialising in domestic property surveys and valuation we
offer a range of services to suit our clients needs. Try our
quotation request service or contact
us directly for personal advice.
There are 3 types of Property Surveys - please click on one
for further information
 
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