If you are purchasing a new home with a mortgage or re-mortgaging your current home, you will need a Valuation to be conducted. This is to satisfy the lender that the value of the property provides suitable security for the loan they are providing.
Valuations required as part of securing a mortgage are also useful as they can highlight any significant issues that would affect the lending, assess the current market value of the property and provide assurance to both the lender and purchaser that the house is worth what they are paying.
The same applies in re-mortgaging situations where an existing home owner/mortgagee wishes to re-mortgage to free up funds, accept a new mortgage deal or transfer to a different lender to get a cheaper borrowing rate.
In Lancashire and the North West, approximately one third of all home loans are re-mortgages by people who already own the house but who wish to accept a better deal and replace their existing mortgage. In all cases they require a Valuation.
The Valuation Process
When we are instructed to carry out a Valuation as part of a new mortgage application or for a re-mortgage, we firstly arrange to undertake a physical inspection of the property. During the visit, our Chartered Surveyors/RICS Registered Valuers assess the property’s attributes including its size, location, condition and specification.
We then assess data for other similar houses in the nearby area and take into consideration their sold values in order to place a value on the subject property.
Although the fees for the Valuation are most often payable by the buyer/mortgagee, the Valuation instruction usually comes directly from the mortgage lender and in this regard, Lea Hough are approved Valuers for a number of banks and building societies who frequently appoint us to undertake valuations for mortgages and re-mortgages.
Contact Lea Hough
Lea Hough conduct Valuation Reports for mortgage / re-mortgage purposes on a regular basis and our Chartered Surveyors are on the panel for a number of mainstream lenders.
All of our mortgage valuations are undertaken in line with relevant lender guidance documents and are also fully compliant with RICS Valuation Standards.
In addition, all valuation work we undertake is completed by Surveyors qualified under the RICS Valuer Registration Scheme. As such you can be confident that your Valuation Report will be completed in a thorough, impartial manner.
For more information or to speak to us about our services in relation to mortgage-related Valuations, please contact us.
"*" indicates required fields
