Property Valuations - All You Need To Know
Property Valuations – How Does It Work And What To Expect
When you apply for a mortgage, the lender will arrange for a qualified valuer to assess the property. This valuation determines the current market value and ensures the property is suitable as security.
We assist you with the valuation report for your new home.After making an offer on a property and submitting your mortgage application, your adviser will discuss the type of valuation you need.
You can choose a basic valuation report. This report provides a general property value by comparing it with similar properties, considering factors such as age, condition, and location. It highlights any obvious major defects that could impact the value but is less detailed compared to other surveys.
We highly recommend the Homebuyer Report and Valuation, a more comprehensive assessment of the property’s condition. This report includes detailed insights and typically covers the following sections:
- Introduction to the report
- About the inspection
- Overall opinion and summary of the property's condition
- Details about the property
- External features
- Internal features
- Services (e.g., plumbing, electrical)
- Grounds (including shared areas for flats)
- Legal issues to consider
- Potential risks
- Valuation summary
- Surveyor's declaration
Our advisers are here to assist with any questions about the valuation stage of the mortgage process.
The report also includes appendices with essential information about next steps for buyers. For leasehold properties, it outlines necessary legal inquiries before exchanging contracts.
Alternatively, you can request a Building Survey (Structural Survey), the most detailed and thorough option. It is suitable for all types of buildings but is particularly recommended for:
- Older properties (over 40 years old)
- Properties built with unconventional materials (e.g., timber, thatch)
- Homes that have undergone significant alterations or extensions
- Properties you plan to renovate or modify extensively
Contact us today at 01392 927327 or complete our convenient Online Enquiry Form to get started.
