VALUATIONS AND STRUCTURAL SURVEYS
Most mortgage lenders send their in house valuer (‘Tasador’) to assess whether or not a property is worth the money being loaned, in order that, should repossession be necessary, the lender can recoup the loan. As property generally goes up in value and borrowing is rarely 100% of the value, the mortgage lender’s valuation will normally be very quick (no more than half an hour) and rarely focus in detail on any issues. As valuation is for the lender rather than the buyer, the buyer will not normally get any form of advice or structural report. A lender’s survey or valuation should therefore never be relied upon as a structural assessment of a property.
While a property might be cleared for lending purposes, it may still suffer from serious insect attack, rising damp, subsidence etc. In contrast to a valuation, a thorough Building Surveyor’s report involves an average of 2 hours at the property and close inspection of the structural elements. We are happy to recommend Building Surveyors on request, providing Structural Survey reports in English.
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