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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:

Valuation/survey fees are payable by the applicant(s) to the firm of Valuers who undertake the valuation.