A Valuation Report is most commonly arranged by a Bank or Building Society to make sure it is worth the money they are lending in the event they had 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.
Why would I need a Valuation Report?
You may need a valuation report for probate after the owner or one of the owners of a property has become deceased. Or perhaps you are going through a divorce and the difficult process of dividing up your joint property and want to determine a reasonably accurate value. You will also need a valuation if you want to sell or remortgage a Help to Buy or shared ownership home.
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.
If you would like more information on the differences between surveys, please click here.