A Valuation Survey, also known as a mortgage valuation, is most commonly arranged by a mortgage lender to make sure the house is worth the money they are lending in the event they have to recover their loan. It does not involve a thorough inspection of the property and in some cases may not even involve a visit. It is a slimmed down report and will not have the detail that would be found in a building survey.
You may need a formal property valuation carried out by a RICS registered valuation surveyor in the following instances:
Speak to your surveyor before appointing them and ensure they have satisfactory qualifications, accreditation, experience and insurance. A Chartered Surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) and have the letters MRICS or FRICS after his or her name. The RICS ensures that all its members maintain professional standards in their work.
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