Also known as: lender's valuation, lender's report; mortgage valuation
Type of Property: All
Type of Service: limited assessment for the lender.
Reason for Service: to assess the property's value as security for the proposed loan - not intended to identify defects unless they severely affect value. To advise the lender, not the purchaser.
For awareness: The property may not always be visited. Mortgage lenders may charge the prospective borrower an application fee significantly higher than the valuation cost, or may include such charges in the overall cost of the loan. RICS research shows a quarter of all homebuyers who only had a mortgage valuation report had to undertake unplanned repairs or building works to their property after purchase.
Report format: Lenders ususally present the data on their own standard forms, and provide a courtesy copy to the borrower.