These are different from surveys, and are produced specifically to check that a property is valued correctly. The two main types are:
This is a brief report prepared for funds, banks, mortgages and building societies when they are considering lending you funds against a property. It tells them if the property they are planning to lend you money for is worth the price you are paying for it. As the valuation doesn’t specify the condition of the building and will not identify any areas of disrepair unless they impact on value, you should not decide whether or not you buy the property purely based on this report. It is not a survey
There are many reasons why you may require an independent valuation as opposed to one produced specifically for your mortgage lender. You may simply want professional advice on the true value of your home, or you may be a cash buyer wanting to make sure you are paying a fair price. You may also need a valuation when dealing with the following:
- Capital gains tax
- Probate/inheritance tax
- Matrimonial/division of equity
- Expert witness (see below)
If you need a valuation for any other purpose, please contact us and we will tailor a report to suit your needs.
All valuations are carried out by a qualified RICS Registered Valuer.