The mortgage valuation report

This is a survey carried out on behalf of the lender, usually paid for by the purchaser. The survey is completed to ascertain whether the property considered is a suitable one on which to lend their money and if it is worth the amount of loan sought. The lender may allow the advance with certain provisos that work needs to be carried out, or in staged loans following proof that the work has been completed; this may require you to take out a bridging loan until the balance is released

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