Property Valuation or Survey
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Property Valuation or Survey?
It is important to recognise that a valuation is NOT a survey.
A mortgage valuation is a limited check on the property by the mortgage lender to ensure the property is worth the estimated value/purchase price. A valuation CANNOT be relied upon to answer the questions which concern the buyer’s personal interests.
Very importantly, a valuation is unlikely to cover items of disrepair which would be reported on in a survey. A valuation may be needed for specific purpose, such as probate or divorce settlement, taxation, buildings insurance assessment, or if the owner of a flat needs to have the lease term extended. A market valuation, based upon a limited inspection, may also be required if a buyer wants peace of mind that the agreed purchase price is fair and reasonable.
