Private purchase valuations
The best way to reach an informed decision on such an important investment is to have a professional survey and valuation report carried out on the property. This is similar to a lenders mortgage valuation and takes approximately 30 – 45 minutes to complete an inspection. Only essential defects are recommended and the report should be issued within 2-3 working days. This is a basic report concerned with value and will advise on the following;
- Whether the agreed price is reasonable.
- Whether there are drawbacks you do not know about.
- If there are drawbacks, what should be done about them.
Commissioning your own survey is a simple and economical way to avoid unpleasant and costly surprises after moving in and in some cases a surveyors report may enable you to negotiate the price.
If you already have a mortgage valuation report it is still advisable and prudent to arrange a survey by your own surveyor. The consumers association WHICH? Magazine and the Council of Mortgage Lenders both give this advice. A mortgage valuation report is prepared for the lender, not for you, the borrower. It answers only the lenders questions concerning the security of your loan. You cannot rely on it to answer the questions which concern your personal interests.