Preparing For A Lifetime Mortgage Valuation

What is a valuation?

Your chosen lifetime mortgage lender requires a valuation of the property to determine its overall value, and whether it is suitable security for the loan. It only reports on items relevant to the lender and their decision on whether to lend on the property.

Why does a valuation need to take place?

The valuation details not only the value of the property, but also considers the property against the lender’s key lending criteria, highlighting any significant factors that would be of concern to the lender. Based on the valuation report, the lender can determine if they wish to proceed with loaning money secured against the property, and how much money they are prepared to lend.

All valuers that undertake valuations are members of the Royal Institution of Chartered Surveyors (RICS) and must be RICS Registered Valuers.

How are surveys booked?

Upon being instructed by the lifetime mortgage lender, the surveying firm (not the lender) will contact you to arrange a convenient time to undertake an inspection. If a mobile number has been provided, some surveying firms may send you a text message so you can self-serve and book an appointment directly.

During the initial conversation, the valuer’s booking team will ask you general questions about the property, such as access or parking considerations. Appointments are offered within a specific time window (such as 9:00 AM-3:00 PM) rather than an exact hour, and they are only available on weekdays.

Depending on the surveying firm and whether mobile details have been left, you may receive a text message the night before the inspection confirming the approximate time the surveyor will attend.

What happens on the day of valuation?

The valuer will conduct an inspection of the property and grounds and take pictures, to assess various aspects that may affect the property’s value or suitability - for example, what accommodation the property has, what the condition is, as well as whether there are any concerns around structural stability.

Depending on the lender’s requirements, the valuer may also need to look in the roof void (don’t worry, they will bring their own ladder to do so), but ensuring sufficient access to the loft hatch to place ladders is helpful.

Things you can do to help the inspection go smoothly:

• Ensuring dogs are safely secured

• Making sure all rooms are fully accessible (clutter removed)

• Ensuring there are no sleeping occupants

• Having keys available for the valuer to easily gain access to the side/rear of the property

• Providing access to garages or permanent outbuildings

During their visit, the valuer will ask you some questions about the property and your length of residence. It is helpful, although not essential, if you know information such as when the property was built, when extensions were added, or when significant alterations were undertaken. Also, if there have been any issues with the property, such as a leak, structural movement, Japanese Knotweed, asbestos, or environmental issues such as flooding, it’s helpful if you can provide details of when such things occurred and what, if any, action has been taken as a result.

Please note, the valuer won’t be able to accept any paperwork directly from you during their visit. Additionally, the valuer won’t be able to answer any questions relating to the property's value or discuss any likely valuation figure, as this is for the lender’s information only.

What happens next?

The valuer will spend time away from the property, undertaking research both before and after attending, and completing the report for the lender. The time spent at the property is only part of what goes into providing the valuation, and doesn’t reflect the full amount of time that goes into providing a report.

The valuer will conclude their research into the property and its value, examining bespoke systems not available to the public to help source comparable evidence from similar properties, making appropriate adjustments for any differences. The valuation will be based on the final sale price of other properties and not the price they were, or are, listed for sale at, which can be considerably more than the price they sold for.

When the valuer is satisfied, they’ll write up their findings into a final report, which will be sent directly to the lender, who may share the report with you. Please note that neither the individual valuer nor the surveying company can discuss the report directly with you, as it is completed on behalf of the lender.

Learn more about applications in our preparing lifetime mortgage application guide and how property conditions can impact valuations in our application series.