Essentially a valuation report is a limited document which is designed to give a valuation opinion with only an overall comment on the condition of the property which may include the identification of essential repairs that need to be carried out in order to preserve value.

This is a form of report that is typically provided to mortgage lenders following only a brief inspection by the valuer. Prospective purchasers should be aware of its limitations in that it is not a building survey or a schedule of disrepair and therefore should not be totally relied upon. It is still advisable and prudent to arrange your own survey, by your own surveyor. The Consumers' Association Which magazine and also The Council of Mortgage Lenders both give this advice.

The reason is simple - the mortgage valuation is for the benefit of your lender - not for you, the borrower. It answers only the lender's questions relating to the security of the property for loan purposes. You cannot rely upon it to answer the questions that concern you personally. It also may not disclose significant defects.