Valuation Reports for Purchasing a Residential Property
Where the property is sourced on the open market, each application must be supported by a valuation report, as set out at Appendix 3, carried out by an approved independent or Local Authority Valuer. A valuation report is only required when applicants have gone Sale Agreed.
Where the property is being purchased under the tenant purchase scheme, the valuation will be carried out by a Valuer on behalf of the Local Authority.
Under the Local Authority Home Loan, the property must have a prevailing market value, on day of completion, that does not exceed the values as specified in the Housing (Home Loans) Scheme.
A Valuation Report carried out by an approved independent or Local Authority Valuer will be provided before a Letter of Loan Offer is issued.
The Valuation Report should be completed within 6 months on a Valuation Report such as the indicative template form available here.
The Valuation Report:
- All valuation reports must be completed in full, with no unanswered questions. All answer boxes should be completed.
- All reports must be signed and dated with the Firm’s stamp imprinted thereon. No amended valuation amounts, either by overwriting or by the use of correction fluid, will be accepted.
- All valuation reports must be accompanied by a colour photograph giving clear and unobstructed view of the property. The photograph must be labelled with the property address and date.
- The signed report must not contain significant disclaimers or concerns about the condition/saleability of the property.
Valuation/survey fees are payable by the applicant(s) to the firm of Valuers who undertake the valuation.