Im a first time buyer..?

When buying (or remortgaging) a property the Mortgage Lender will send out a Valuer to the property. The valuer will 'value' the property to ensure that they agree with the Purchase Price.

When purchasing a property the cost of this valuation is usually passed on by the Mortgage Lender to you the buyer. When remortgaging the Lender will sometimes (as an incentive) pay the cost of the valuation.

The basic valuation required by the Lender is not very in-depth so you may want to consider a Home-buyers Report. This is slightly more in depth but is more expensive but can be arranged via your Lender so that the Valuer carries out their survey at the same time.

You'll need to pay a valuation fee if you're buying a home. The amount you pay depends on the value of the property. This needs to be paid when you apply. Once the valuation has been carried out, the fee can't be refunded.

The mortgage company sends someone out to check that the property actually exists and is worth what they are lending...usually they don't charge for this....it is not a survey and does not comment on the condition of the house...for that you need a home buyers report or similar survey...always best to have one unless it is a new house.