What is a Valuation Survey?
A property valuation report is a very limited inspection to advise on the market value of the property, not its condition.
It is frequently used in legal matters such as probate or when dividing assets accurately after divorce.
It is sometimes known as a Mortgage Valuation, when your lender wants to ensure that the property you want to buy with their loan is worth enough to repay the loan should they need to sell the property if you are unable to keep up the repayments.
Relying only on this type of survey is not recommended unless you are buying a property that is a new build or currently under construction. These would be covered by a Builder’s Warranty which covers structural defects. In all other circumstances it is advisable to get a Structural or Full Survey or a Homebuyers Survey.
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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