A Mortgage Valuation is often prepared for a building society or bank is to establish the MARKET VALUE of the property having regard to its accommodation, fittings, general condition, location and other relevant factors.

The purpose of a valuation report is to give you guidance on the value of the property to enable you to make an offer. If you are purchasing the property with the assistance of finance from a bank or building society the valuation report will act as proof for the security. It is NOT a detailed survey of the building.

Even if you are seeking a mortgage - and may be paying for a Mortgage Valuation report - it is still advisable and prudent to arrange for an independent survey.

The Consumers' Association Which? magazine and the Council of Mortgage Lenders both give this advice.

The reason is simple: the Mortgage Valuation report is prepared for the lender - not for you, the borrower. It answers only the lender's questions concerning the appropriate security for the loan. You cannot rely on it to answer the questions which concern your personal interests.

Contact: Roger Carradice