A Domestic Valuation Survey is an independent assessment of the current market value of your property. It can be used for a wide range of purposes, such as for buying purposes, sale purposes, help to buy reimbursement, divorce matters, inheritance and insurance reinstatement costing.
The Valuation Survey is based on the current condition of the property at the time, but does not include a report on the cause of any issues found in the property. Instead, it simply provides:
- The valuer's professional opinion on the 'market value' of the property;
- An insurance reinstatement figure for the property;
- A list of problems that the valuer considers may affect the value of the property;
All surveys are priced based on the size and type of property as well as your requirements. Please contact us for a quotation.
|Can I discuss the valuation with the surveyor?|
|The surveyor will likely refer you back to the lender to discuss the report and its content. The lender should be able to help you, but if not they will refer the matter back to the surveyor. It is important for the lender to keep track of all queries.|
|Can I have a copy of the report?|
|This is dependent on the lender. Some lenders allow you to have a copy of the report if you are a purchaser, but may not if you are remortgaging. This is because the agreement to carry out the valuation is between the surveyor and the lender. Check with your lender if you need a copy of the report.|
|Can the valuer just increase the valuation a little to allow my case to proceed?|
|The valuation can be reviewed as a result of a complaint if there is a genuine discrepancy, or at the lender's request. The valuation cannot be amended to facilitate an application, even if it is by a small amount.|
|How does the valuer decide what the value of my property is?|
|A valuer will form a professional opinion of the value of the property by obtaining research of comparable properties that have been sold or let in your area. If possible, these will be within the last 6 months. The properties are analysed in relation to similarities and differences in order for an opinion of value to be formed. Location, size and condition are all considered in terms of positive and negative factors for this opinion to be formed.|
|Where does the valuer obtain comparable sales data?|
|Sources could include but are not limited to Rightmove, HMLR (HM Land Registry) data, which provides a comprehensive collation of data including the sales history of a property, and maps.|