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Ward Howard

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Ward Howard

WHAT TYPE OF SURVEY DO I NEED?

VALUATION REPORTS

 

A valuation report differs significantly from a survey and advises on the value of the property rather than condition. It is normally the result of a relatively brief inspection and will make assumptions about condition as the inspection may not reveal defects or the true condition.

 

A valuation report can be provided for many purposes including sale, purchase, taxation, separation and probate. The valuation will normally be on the basis of present day value although a retrospective date of valuation can also be used, particularly if this is appropriate for taxation or separation purposes.

 

Shared Equity Valuation

 

A shared equity report can be provided to navigate the complexities of buying and selling shared equity properties. It will normally be required by the Housing Association or other equity partner, but paid for by the applicant.

 

Mortgage Valuation

 

A mortgage valuation is a report normally commissioned by the mortgage company prior to agreeing to provide mortgage funding to a prospective home buyer, or for refinancing by the home owner. 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.

 

Insurance Valuations

 

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 cost of repair in the event of a claim.


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