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A survey or a valuation?
Valuations
Limited inspections for valuation purposes similar to
that required for Banks, Building Societies or other
lending institutions can also be provided in connection
with Probate, Matrimonial Disputes, Taxation matters,
etc.
All building societies are required
by law to undertake a valuation before making a mortgage
offer on a property (the same does not currently apply
to banks, although almost all will require a valuation).
A valuation is not a survey, it is a property inspection
undertaken for the sole purpose of deciding on the amount
and terms of any loan. Buyers can expect to pay for
a valuation to be carried out and are usually given
a copy of the report. However, the extent of the inspection
is very limited when compared to a survey and no potential
buyer should rely solely on the information provided
by a mortgage valuation when deciding whether or not
to buy a particular property.
Surveys
A survey undertaken by a chartered surveyor gives the
buyer a professional opinion about the property in question.
It should be carried out, and the findings considered,
prior to entering into a contractual commitment. Where
defects are found, often the purchase price can be renegotiated
to reflect the necessary repair work.
There are two types of survey:
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