For valuers to arrive at their valuation, your bank or lender will hire a professional valuer or surveyor to determine a figure, and you’ll have to pay for their services.

The valuer will visit your property and take a look around to establish its condition and how it compares with similar properties that have sold recently in the area or are currently on the market.

The figure they come up with will be what they consider fair market value for your home, based on their opinion of what properties like yours will sell for on the open market, the condition of your particular property, and any exceptional or specific circumstances that may apply to it. If you bought your property some time back, you may be pleasantly surprised by the valuation.

No two property experts will agree on an exact valuation. So, to avoid being caught out, banks and other lending institutions will tend to be cautious.

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