A mortgage valuation survey is commissioned by the lender in order to establish the value of the property. This will be taken into account when the mortgagor is deciding the maximum amount they will lend against the security of the property. It is not a detailed or in-depth report as to the condition of the building.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.