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LENDERS VALUATION SURVEY (BASIC VALUATION) |
Prior to agreeing to a mortgage, lenders require a valuation of the property to check that it is worth the price being paid for it. This is commissioned by the mortgage lender but must be paid for by the borrower. This is a survey which gives advice on the value of the property. The surveyor (normally a valuer rather than a Chartered Building Surveyor) will advise in broad terms, on any major defects that are apparent that have a significant effect on value. This type of survey will only report in a very summary manner (ie. on roofs, walls, floors, structural stability and dampness) and will not provide any detail. The cost of the valuation depends on the value of the property ranging from £100 for a £50,000 plus flat to £250 or more for a £200,000 plus property.
Some lenders do not charge this fee as an incentive for taking out a mortgage with them.
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