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If you are buying a property with the aid of a mortgage, your lender will likely want to undertake a valuation of the property. They may even seek to charge you for this. This article explores what is covered by your mortgage provider’s valuation and how to further protect yourself when buying a house.
1 January 2015
Insight
The surveyor is instructed by your lender and will carry out checks to ensure that the property you are purchasing is worth enough to cover the value of the mortgage.
This report is only basic, but it should reveal the age and general state of repair of the property. The results are then feedback to the mortgage lender who will then make the decision as to whether they will loan you the money or not.
However, you should not base your decision to buy the property solely on the results of the valuation report.
We recommend that you obtain a RICS home buyers report which will be undertaken by a qualified surveyor. This survey involves a thorough examination of the property and a full written report. Any major problems will be highlighted and advice will be given. The surveyor will also give their opinion as to the value of the property.
Before you pay the valuation fee, it may be possible to ask your lender whether they will accept the RICS home buyers report as the valuation. If so, this may save money, however, your lender is under no obligation to agree to this.
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For more information about mortgage provider valuations, please contact us on 01332 226 119 or complete the form below.
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