Basic Valuation
Before a lender will offer a mortgage they will require a qualified valuer to inspect the property and to submit a valuation report.
This is to ensure that the property is suitable security for the loan requested. The report does not necessarily give you an indication as to the condition of the property.
If the property is new and building work is still ongoing, an additional fee may have to be paid by the borrower for a subsequent valuation when the building work is completed.
This report is for the lender's purposes and the borrower would normally not receive a copy.
For a remortgage, a basic valuation is adequate, as you already own the property.
