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Mortgage Valuations in Scotland

If the Scottish property you’re selling is exempt from the Home Report legislation, one of our RICS Chartered Surveyors can prepare a Mortgage Valuation for you.

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When you’re looking to purchase a new home in Scotland, one of the steps in the process is getting a Mortgage Valuation. What exactly does a surveyor do on a Mortgage Valuation and why it’s important to have one done before you purchase a property?

 

What is a Mortgage Valuation?

A Mortgage Valuation is an assessment of the property’s value and is conducted by an independent surveyor. The surveyor will briefly inspect the property and provide a market valuation. The purpose of a Mortgage Valuation is to provide lenders with information about the property so that they can make an informed decision about whether or not to lend on the property. It also helps them determine how much money they should lend you for the purchase.

 

Why is it necessary?

A Mortgage Valuation helps lenders assess the risk associated with lending money for the purchase of a property. By having an independent surveyor assess the value of the property, lenders can be sure that they are not lending more money than what the property is worth. This protects them from potential losses if there were to be any problems with the sale or if market values were to change drastically after they had already lent on the property.

What does a surveyor look for during a Mortgage Valuation?

Your surveyor will look at several different aspects of the property during their inspection, including:

  • The condition of any existing buildings on site
  • Any potential structural issues
  • The condition of any fixtures and fittings
  • Any signs of damp or other damage
  • Any health and safety issues
  • The location and surrounding area
  • The size and layout of rooms within the house
  • The energy efficiency rating (EPC)
  • Any planning permission requirements
  • Any legal issues related to ownership or title deeds.

A Mortgage Valuation in Scotland provides lenders with important information about a property so that they can make an informed decision about whether to offer you a loan for the purchase of the house and how much to lend you. By having an independent surveyor assess all aspects of your potential new home, lenders can be sure that they are not taking on too much risk when lending out money for your purchase.