Valuations – a valuation is not a survey
Buying a house is a major financial commitment it’s essential to get the right information to make an informed decision. The Royal Institution of Chartered Surveyors, consumers associations and mortgage lenders all advise you to arrange a survey before buying a property abroad don’t just rely on a valuation. Often people are confused about the difference between the two. This guide will help.A valuation is a limited check carried out, on behalf of your mortgage lender, to spot anything that affects the security of the loan. They want to know if the property is worth the mortgage you are applying for and to help them work out the amount and terms of a mortgage offer.
Your lender will probably ask you to pay for this and may send you a copy. Structural problems that are critical to you, but do not concern your lender won’t appear in a valuation report.
