I hear so much about inflated property prices, how do I know you are not selling me an over priced property?
A. With every property you purchase legally in the UK with a mortgage, your mortgage lender/provider will require a valuation of this property to be done. The lender will usually have a valuing firm near the property and they will instruct this firm to inspect the property and carry out an open market valuation of the property. When the valuing firm has finished preparing their valuation report, the lender will (subject to you satisfying any other criteria) make you an offer of funding subject to that valuation. So if you are applying for instance for a mortgage of £150,000 and a loan/advance from the lender of say 95%, which means you are borrowing 95% of the cost of the property, and the property is valued for £100,000, the lender will now offer you 95% of £100,000 not of £150,000.
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