Valuation
Once the application has been processed with the mortgage lender, the valuation will be instructed and a report sent to the mortgage lender, yourself (usually) and your solicitor. The type of valuation you opt for is up to you, but there are three different types of valuation.
Valuation for Mortgage Purposes Only
This is the most basic of valuations which is performed just for the lender to see if they are prepared to lend you the money using your property as security for it.
Homebuyers Report
This is a report on the parts of the property which are accessible and visible to the valuer. The valuer will recommend further investigation if necessary by specialists e.g. damp proof specialist, structural engineer, electricians etc.
Full Structural Survey
The most costly survey of all, but it may prove invaluable as it investigates a lot more than the other two. It will highlight if any more work is needed on the property. It is especially important to get this kind of report if you are buying a very old property.
When the report has been produced, you should be aware that there might be faults uncovered that will need you to either have another valuation done or have specialists look at certain faults in particular. You may choose to withdraw your offer at this stage if you feel that it is not worth taking further. This means that you will have to start the process over again with a new property.
If the valuation is to everyones satisfaction, you will then receive your mortgage offer from your lender. This details all the conditions of the loan, so check it over and make sure it is right and that you are happy with it. If there is anything you don't understand, ask your adviser or solicitor to explain it. It is an important document, so it is imperative that you understand it fully before you proceed with the purchase of your home.
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