Lenders estimate of properties worth.
This is carried out for the purposes of mortgage and is prepared for the lender. A survey will also help you to find out independently whether the price is reasonable. Your mortgage lender will almost certainly insist on a basic valuation to make sure that the property is worth the amount you are paying for it. They want to ensure that you will be able to sell it again and therefore that it is a safe investment. Although it is often referred to as a survey, it doesn't go into nearly as much detail as a homebyuyer or full survey would do.
a legal document that, among other things, may be tendered in court as evidence and relied upon by lenders for securing a mortgage
a report of survey carried out by the bank to ensure that the house's value is not less than the proposed loan
Lenders arrange a valuation to find out the value of the property you require the mortgage on. They will ascertain if the agreed asking price is above or below the value and lend on the lowest of the two figures.
Lenders require a standard valuation to be undertaken on the property before issuing the mortgage offer. This is to protect the lenders interest, not the borrowers. If the lenders valuation report reveals further reports or work to be undertaken, any further costs will be payable by the borrower, should the borrower choose to proceed. The lender will compare the valuation figure with the agreed buying price, and use whichever is lower when deciding on how much to lend.
THE REPORT WHICH WE OBTAIN ON THE VALUE OF YOUR HOUSE BEFORE WE APPROVE YOUR MORTGAGE - THIS IS A BRIEF REPORT NOT A DETAILED SURVEY REPORT.
This is a report on an actuarial valuation . It is also called an actuarial report .
An assessment of the value (and general condition) of a property for mortgage purposes by the building society's surveyor. It is not as detailed as a structural survey report. Most building societies will give the client a copy.
