When taking out a mortgage, your lender may require a standard valuation (sometimes called a mortgage valuation).
After visiting the property, the valuer provides the lender with a written valuer's report. The lender considers this when
deciding how much or whether to lend at all.
If required, a borrower may also employ another valuer to carry out a more comprehensive survey of the property.
The report, which is produced for the benefit of the borrower, will comment on the condition of the property
and detail any structural defects or repairs that need to be carried out.
|