All You Need To Know About Mortgage Valuation

 

https://cdn.outsource2india.com/featured-images/success-story-mortgage-valuation-services.jpg

 

Getting an accurate valuation is essential when deciding to purchase or remortgage a property. A mortgage valuation will give you and the mortgage lender the confidence that the property qualifies for the mortgage.

 

What Is A Mortgage Valuation?

 

When you plan to obtain a mortgage to pay for your property, a mortgage lender usually arranges a valuation to ensure that the property is worth the amount they will lend you to buy it. A mortgage valuation typically benefits the lender as it does not give you much information on the property's condition. It only covers the information that the lender requires to lend you the mortgage money.

 

However, it also gives you an idea about the actual price of the property and whether the price you are paying is accurate or not. Some lenders may give you a copy of the valuation report, while others may not give you the report. It is beneficial to check whether you will receive the report from your lender. You can ask the lender whether you're supposed to pay for the mortgage valuation or if they cover the survey cost.

 

How Do Mortgage Valuations Work?

 

Only the Royal Institute of Chartered Surveyors (RICS) members can carry out the mortgage valuation. A surveyor usually visits the property for some time to value the property, and then they prepare a short report highlighting the property.

 

Depending on the situation, the lender may choose to value the property on the basis of the most recent data found online and from the previous knowledge of similar properties and the area.   

 

How Do You Get A Mortgage Valuation?

 

Professional surveyors usually conduct mortgage valuation. The lender will use an RICS chartered surveyor to conduct the survey and give the valuation report. The report will cover all the details necessary for the mortgage.

 

Different Types of Survey

 

If you want a detailed survey of the property that will highlight all the details about the property, its condition and features, then a homebuyer report or a building survey would be best. A building survey is more comprehensive and detailed than a homebuyer report, and these reports cover a lot of information about the property compared to a mortgage valuation.

 

It is vital to note that some homebuyer reports also include a valuation. But it is important to check whether you get a mortgage valuation in your property survey report or from the lender to avoid paying twice for the valuation.   

 

 

What Do You Do Next?

 

If you want to get a homebuyer report or a building survey in addition to the mortgage valuation, it is wise to mention this to your lender. This will ensure that you don't duplicate the surveys and don't pay any extra money.

 

Surveying people is a team of professional surveyors that conduct all types of property surveys according to the client's demand and present the report within five working days. Please spare some time and check out our website to know more about our services.

 

https://surveyingpeople.com/

 

 

 

Comments

Post a Comment

Popular posts from this blog

Which Is Best: The Home Buyers Survey, London, Or Building Survey, London?

Image
Two survey levels are usually offered to homeowners; Home Buyers Survey London (also known as a home condition report) vs Building Survey (also called Level 3 survey). This blog will highlight the difference between each survey and explain when a complete building survey is required.   Our Operating Standards   Our reports are in line with the Royal Institute of Chartered Surveyors. We strictly follow the RICS guidelines, and our reports are generated in light of legal guidelines.   What Do We Mean By A Home Condition Report?   This is the cheapest survey we offer to our clients and is designed to provide valuable information to home buyers. The report will bring to light any serious or urgent defects. The examination assesses all the visible and accessible parts of the building. The report we provide is based on a snapshot of the time of the building's condition.   How Much Does The Report Cost?   The price range varies depending on the property's location, size
Read more

Why Should Homebuyers Conduct A Home Buyers' Survey?

Image
  This is a bitter reality that when you purchase a property, you have to deal with the legal matters yourself. There is a famous Roman quote: "let the buyers beware". Suppose you are just into your new house, and the washroom's toilet isn't flushing, the drains are overflowing due to sewage, and the timber floor is rotting badly. No one can resist this situation; we all need a properly maintained house. So before finalizing the house purchase, it is wise to conduct a home buyers' survey as it is nearly impossible to take the house back to the real estate agent and ask him for a refund. Terms and Conditions When you pay the price, you assume that everything is top-notch and suits the purpose, i.e. the heating, foundations, electrics, walls, drains, and roofs. You must have in mind that you have to bear the expenses of new kitchen appliances, misted windows, and peeling wallpapers. But most potential buyers don't get an opportunity to look
Read more

Why Do You Need A Homebuyer Report, London?

Image
    Most of the home buyers in the UK believe that they have had a survey on the house they intend to buy, but the fact is; that all they have had is a mortgage valuation. Protect your potential property by getting a homebuyer report London , which will give you a clear idea about the condition of your future home and aid you avoid a house of horror. So what kind of information are you getting in a homebuyer report?   Damp   Often the homeowners do not realize how much damage the damp conditions can cause in the buildings. There must be a practical damp-proof course to prevent soaking of ground moisture. The external walls, downpipes, and gutters must be adequately maintained to avoid rainwater penetration.   Structural Movement   Anything from cracks to settlement and subsidence comes under structural movement. The reason for structural movement might be large trees. Structural movement is common in areas with clay soil, removed trees, and foundations strength
Read more