By law, all building societies are required to carry out a valuation on a property before making a mortgage offer. Although this does not apply to banks, most will insist on a valuation being carried out.
A valuation is a simple property inspection carried out with the sole purpose of determining the value of the property. The lender can assess how much it may lend based on that information. A valuation is not a survey. The buyer who receives a copy of the report usually pays for the valuation.
A valuation is a very limited inspection compared to a survey. A valuation should not be used as the only indication of whether to buy a property.
The purchase of a new home is the largest single transaction most of us enter into we would always therefore recommend that the minimum report should be the Homebuyer’s Report.