What is a Valuation Survey?
A Valuation Survey is usually requested by a mortgage lender before they confirm the mortgage offer. They do this to make sure that should the property be sold, the value of the house is sufficient to repay the loan and also you get back what you paid for it. They are basically checking it is not overpriced. Often the property purchaser will have to pay for it but some mortgage lenders will offer this as part of their ‘package’
Valuation Surveys are also used on other occasions when a property’s value may be required for example in a divorce settlement, for probate valuation of a deceased’s estate or sale of property within a family.
What does the Valuation Survey include?
Whilst carrying out the valuation a Surveyor will look for any major defects that would affect the Property’s value. Although the name Valuation Survey is used for this report, it is not actually very detailed. The Surveyor may only be in the property for 30 minutes and arrives at the value by comparing it to other similar properties in the area and the condition that it is in. Sometimes the Surveyor does not even visit the property.
Who carries out the Valuation Survey?
Usually it will be completed by a Chartered General Practice Surveyor. Chartered Surveyors are members of the Royal Institute of Chartered Surveyors and will have the letters MRICS or FRICS after their name. The Royal Institute of Chartered Surveyors is professional body that helps maintain standards within the surveying industry. To become a member or a fellow, the surveyor must meet certain criteria before they are accepted.
Do you carry out Valuation Surveys
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