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Moneyextra.com Dictionary
Valuation Homebuying
This is a quick survey of a property by a surveyor - the purpose is to assess the value of the property for the benefit of the lender. Typically the surveyor will look around the property in the most general sense and then go off and talk to local estate agents about property values prevailing in the area. The valuation will be paid for by you the borrower but is really be for the benefit of the lender wholl use it as a basis for deciding how much money to lend and indeed whether to lend at all! Lenders all have their own criteria by which theyll advance money. For example some lenders may only be prepared to let you borrow 70 of the value of the property in the form of a mortgage. Other lenders however will be prepared to lend 100. See also Loan to Value LTV Valuations tend to cost from £100 upwards with a sliding scale used by most lenders with more expensive properties attracting higher valuation fees. Clearly the valuation figure can be critical to whether a house purchase goes ahead. Surveyors tend to be cautious when putting values on property. If they get it wrong their integrity can be called into question and they can be sued for negligence. A valuation is just that if you want a more detailed snapshot of your intended purchase consider a homebuyers report or a full structural survey . Compare Mortgages now ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com