Market Valuation
Market Valuation
This is not a survey but a valuation similar to one which a lending institution can require in order to establish the value of the property. The valuer will be looking for obvious defects in readily accessible areas of the property. He/she will only make recommendations about them if he/she considers that they significantly affect the value. A lender may well require you to put them right as a condition of lending money on the property.
What is checked?
The Market Valuation will be based on no more than a visual inspection by a qualified surveyor. The amount of detail in the report will vary and may not go much further than a general description of the property. Most large lenders now release a copy of the Mortgage Valuation, which is done for their mortgage purposes. This report will normally give a general description of the property and the amenities e.g. is the property within easy reach of town centre facilities?
Some comments will be made on the current state of the building and the repairs recommended, as a condition of the mortgage will be listed.