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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.
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Feedback from our Customers
Please below for some feedback from our Customers:
Promptness of response : An appointment was made within 3 days Quality of service : A great bloke, arrived on time. I asked a few questions about the new property we were buying and he went out of his way to recommend things, he's also up to speed on latest technology for insulation. Value for money : Tony was the cheapest option I could find locally Professionalism : An experienced assessor who knows his stuff.
Promptness of response : The supplier responded quickly. Quality of service : The supplier was very helpful with general information about the Party Wall Act which helped us considerably and we were very grateful for his response. Value for money : No money was involved at this stage, but the advice was invaluable. Professionalism : Very professional.
Promptness of response : Made initial contact within 24 hours and an initial visit within parameters requested Quality of service : We are having s survey conducted tomorrow so unable to comment further at this stage Value for money : Unable to comment further at this stage Professionalism : Professional approach so far
Andrew visited within 2 days of our engaging him to inspect our property. He carried out a full inspection and provided a well-written report with clear findings, conclusions and recommendations which has helped us make decisions. In addition, we appreciated Andrew's willingness to discuss his findings with us and we feel better able as a result to understand what we need to do.
Very efficient service. I would recommend. Professionalism : Very pleasant gentleman, a pleasure to do business with.