Chartered Building Surveyors
Commercial and Residential Property Valuers
• Valuation Report:
The most common misconception is that a Valuation carried out on a property by the Mortgage Company for the benefit of lender is a survey.
This valuation is conducted merely for the benefit of the lender to ensure that the property represents value of the money that they are lending to the purchaser.
In most of the cases borrower is asked to pay for the Valuation and if asked must be provided with a copy of report. However, the Valuation report will not alert a borrower to issues which could affect full enjoyment of the property.
To ensure a health status of property prior to purchase, the borrower should request a survey to be done before entering into a contract. A survey could actually provide grounds for purchase price re-negotiation reflecting costs of rectifying any problems or the purchaser can even decline the purchase following the report.