Valuation survey

camper_1982

Could someone please explain how these surveys work. Are they still strict with them like they were 2 years ago? How do they know what a property is actually worth - where do they base their figures from if every house is different?

The_J

They have never been that strict. It depends on if it's a purchase or a remortgage. If it's the latter they tend to work off comparables (properties in the local area sold within a recent period of a comparable size). It's true to say all houses are different but most fit a standard model (say 2 bed, 1 kitchen/diner, 1 bathroom, 1 downstairs toilet and a parking space). The finish/spec inside may make a difference but not that much (10k either side).