PROPERTY VALUATIONS EXPLAINED HERE
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Whether you’re looking to sell or let your London property, our team is on hand to help you every step of the way. There are many reasons you might need a property valuation, especially when selling or buying property. Here we explain what a property valuation is, who carries it out, and why you might need one.
First step in selling your property would be to get a property valuation.
1. Estate agent Valuations
A property valuation is an assessment of your property’s value, based on the location, condition and multiple other factors. Your valuation will be carried out in person who will take notes and photographs, and then send you a valuation report. You could use this when you price your property to put it on the market, if you are separating from a partner who owns part of your property, or when dealing with probate. If you’re looking for a property valuation in order to know how to price your own property to sell, you might think of asking for an estate agent’s valuation. These are free when an estate agent comes around to view your home in the hope you might use their services to sell the property.
2. Surveyor valuation
Surveryor valuations are an option to over an Esate agent valuation, but it’s important to remember that a surveyor’s valuation will not only come from someone with professional training in considering structure, quality and the cost of improving properties, but it will also be unbiased. Estate agents valuations are free of charge but you would have the pay a fee for a surveyor to value your property.
2. Mortgage Lender Valuation
A mortgage lender's valuation is not the same as a property valuation. Whilst the purpose of a valuation is to determine the market value of a property based on size, location, condition and a variety of other factors, a mortgage lender's valuation is a much less in-depth assessment of the worth of the property and is solely for the use of the mortgage lender. A mortgage lender's valuation is primarily to check that the property is worth what you say it is. For example, if you're buying a house priced at £300,000 but the mortgage valuation puts the value of the house at £250,000, they'll only lend you £250,000. You'll either have to go back to the seller and renegotiate the price, go with a different mortgage lender, or source the rest of the money from elsewhere.
A mortgage lender's valuation will also ensure that it's in the lender's best interest to give you a mortgage on that property. There are certain properties lenders are less likely to approve a mortgage on, like those in a state of structural disrepair, flats that are above stops or restaurants, or sometimes properties that are made out of certain materials.
The mortgage lender's valuation will be carried out by someone with surveying experience who works for the bank, building society or lender. You'll usually pay for it as part of your mortgage fees.
3. Help to Buy Valuations
If you bought a Help to Buy property, when the time comes to sell it, you’ll need a valuation. The Help to Buy Equity Loan requires you to repay the 20% equity loan they provided when you bought the property. When you sell the property, you will pay back 20% of the current value.
Similarly, if you aren’t selling your home, but want to pay off your help to buy an equity loan, you can either pay the whole 20% or half of it. Whenever repaying, you will need a valuation to determine just how much the equity loan value will be.
Contact us now for your property valuation or visit: https://www.fraser.uk.com/#valuation
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