What are the different types of valuation?
There are three principal types of valuation: • A standard/basic valuation: just that, a basic assessment of the property. This will not be a detailed examination and is principally to satisfy the lender that the property is suitable security for a mortgage. It is important to stress that this option is primarily for the lenders benefit and while the lender will confirm to you whether the property has been valued satisfactorily, i.e. at the amount you have agreed to pay, most of them will not provide you with any further detail about the property. • A Home Buyer’s Report: this is based on a more detailed inspection of the property and is designed to highlight key features of the property and indicate any faults, so that the purchaser can take an informed decision on whether to proceed with the purchase or whether to amend his offer accordingly. Normally, the report is conducted by the same surveyor who carries out the basic valuation. Thus, your lender should be able to arrange this op
