A valuation report is the minimum requirement, when you are buying a new home with a mortgage. Its most often used to help your lender assess whether the property is worth the price you are paying for it. But it's important to understand that it's only an overview - which tells you very little about the underlying condition of the building, and any potential problems you may face in future.
It's also used for the following purposes:
- Matramonial court purposes
- Propbate & Inheritance planning
- Shared equity sale / purchase purposes
- Resale of Goverment 'First time buyers' schemes
- Relocation purposes