What is a Valuation?
A Valuation is an estimate of the value of a house, usually undertaken by a chartered surveyor, to establish its suitability as Security for a lender. This is normally a requirement of mortgage providers before issuing a mortgage. Many lenders will not grant a mortgage unless there is sufficient value in the property and the Loan to Value ratio is not above 90%.
Q: How do I get a valuation?
A: The mortgage lender will arrange for a surveyor to come and value the property you are interested in buying.
Q: How much does one cost?
A: This varies depending on your mortgage provider. Sometimes they will won’t be charged to you, otherwise the cost will be added to your application fee.
Q: Can you challenge a valuation?
A: You can, but it may not change the lender’s mind. Some lenders offer a valuation appeal process to intermediaries, but may be hard-pressed finding a formal process for consumers.