A mortgage valuation, otherwise known as a basic valuation, usually involves a quick half-hour survey of the property that covers any obvious problems without going into too much detail.
When you’re applying for a mortgage, the lender will make their own estimation of the value of the house you want to buy to make a provisional decision on how much they’re willing to lend you for a mortgage – but most importantly, it can give you a very rough idea of how much you should be paying.
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When you are selling or buying property, it’s essential to complement the mortgage valuation with a proper building survey from a professional surveyors, find out if you will need a homebuyers report or a building survey