WHAT TYPE OF SURVEY DO I NEED?
WHAT TYPE OF SURVEY DO I NEED?
A property valuation report differs significantly from a survey and advises on the value of the property rather than the condition. It is normally the result of a relatively brief inspection and will make assumptions about the condition as the inspection may not reveal defects or the true condition.
The valuation report of a property serves many purposes, including sale, purchase, taxation, separation and probate. The valuation report will normally be based on present-day value, although a retrospective valuation date can also be used, particularly if this is appropriate for taxation or separation purposes.
Shared equity valuation in the UK refers to the process of determining the value of a property jointly owned by two or more parties, typically involving a combination of shared ownership and equity release schemes. This is a complex and evolving area of the real estate market, influenced by various factors such as property market conditions, the terms of the shared equity agreement, and the specific features of the property itself.
Our chartered surveyors can produce a shared equity valuation report of a property to help you navigate the complexities of buying and selling shared equity properties. They are normally required by Housing Associations or other equity partners involved but paid for by the applicant.
A mortgage valuation is a report normally commissioned by the mortgage company before agreeing to provide mortgage funding to a prospective home buyer or for refinancing by the homeowner. It is frequently referred to as a "building society survey", but the report is designed to reassure the mortgage company that the property concerned provides satisfactory security for the loan they intend to advance in terms of value and saleability. It should not be confused with a survey commissioned by the prospective purchaser, who needs to be made aware of potential problems or the need for repair.
Valuations for insurance are more correctly described as a reinstatement cost assessment and provide the figure for which the property should be insured. It does not relate to the market value being the estimated cost of demolition and rebuilding the property in its existing form. It is important that the property is insured for the correct amount. If it is too high, you will be paying a higher premium than is necessary, but if the figure is too low, you will be underinsured, which could result in the insurance company not paying the full repair cost in the event of a claim.
If you are a building owner or require a valuation report of a property you’re looking to purchase, please contact us at 01223 955339. Our friendly team of chartered surveyors are happy to advise and provide a fee quote without any obligation.
Ward Howard are members of the Royal Institution of Chartered Surveyors
