What is the difference between a mortgage valuation and a survey?
It can be difficult to differentiate between the lender’s mortgage valuation report and a survey report.
What is a survey report?
A survey report is a report that is undertaken on the condition of the property and carried out for your own information.
What is a mortgage valuation?
This is your mortgage lender’s valuation report. You will have to pay for this report to enable your mortgage offer to be secured.
This valuation is for the benefit of your mortgage lender. It is undertaken in order for your lender to confirm that the property you are purchasing is indeed worth at least the amount your mortgage lender is going to lend to you.
It is not the responsibility of the mortgage valuation report to raise specific repairs that it recommends, which makes it very different to a survey report.
Do you have to pay for mortgage valuation reports?
Yes you will need to pay for the mortgage valuation report. This is in order to secure the mortgage offer itself. Again, the valuation is simply for the benefit of the lender.
It is always useful to take the cost of the valuation report into account when you are selecting a mortgage you wish to go ahead with.
If you would like Ringrose Law to act on your behalf in your sale or purchase, please contact a member of the Conveyancing team at Ringrose Law at one of our offices in Lincoln, Boston, Grantham, Sleaford, Spalding and Newark.