House valuation with cash purchase?

jee

Hi
I'm buying in cash and wanted to know what if any valuation I should commission. I have a feeling, from past purchases, that mortgage valuations are sometimes down to the size of your deposit so want to know if there is a more accurate way of getting a market valuation.
I may want to sell the house/take out a mortgage on it in the future and want to be sure lenders will approve it.

thanks

Surrey_EA

It is true that some mortgage valuation surveyors will look more closely at the price if the buyer is taking a 90% LTV (loan to value) mortgage than if the buyer is only borrowing 25% from the bank.

Are you planning on having a buildings survey or homebuyers report carried out? If so, ask the surveyor doing this for you if they could also provide a valuation.

pinkteapot

As above - get your surveyor to do a valuation, if you want one.

You can get a Homebuyers Report with or without a market valuation. You save a few quid if you don't have the valuation. If you're confident that the price you're paying is right, you could opt not to have the valuation and just get the Homebuyers Report which will flag up any problems with the house.

G_M

Either determine the value yourself, via research, or pay a professional (RICS surveyor) to do the job for you.

eddddy

jee wrote: »

I may want to sell the house/take out a mortgage on it in the future and want to be sure lenders will approve it.

Hopefully your solicitor would do this anyway, but you can also explicitly ask them to report on any legal matters that may be of concern to a future mortgage lender. (e.g. issues with title, searches etc)

stator

Get a full building survey with valuation.
Or get a home buyer's report with valuation.
Or get just a valuation. If you commission it yourself you should get an honest figure.

I'd go for option 1 if you want to know whether the house is in good condition or not. Just make sure you ask for a valuation to be included.