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  • FIRST POST
    • 77588p
    • By 77588p 19th Apr 17, 7:06 PM
    • 11Posts
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    77588p
    What does this mean on valuation report?
    • #1
    • 19th Apr 17, 7:06 PM
    What does this mean on valuation report? 19th Apr 17 at 7:06 PM
    We have just had a valuation come back for our remortgage and it states 'Legal adviser to cofirm that adequate access arrangements and repairing covenants exist in respect of the matters considered essential for mortgage purposes'. Does anyone know what this means? We moved into a new build in 2015. Is the surveyor giving the solicitor instructions or is he just saying that he isnt the one checking for those? Will the solicitor see this report?

    Thanks all
Page 1
    • Lilla D
    • By Lilla D 19th Apr 17, 10:43 PM
    • 265 Posts
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    Lilla D
    • #2
    • 19th Apr 17, 10:43 PM
    • #2
    • 19th Apr 17, 10:43 PM
    It's quite standard for a valuer to say things along the lines quoted above. It just means that he isn't the one checking these matters. The solicitor has detailed instructions from every lender about what to check (it's in the CML Handbook) and they do receive a copy of the valuation report as well.

    In your case, the property is still within the initial 10-year warranty period, so the line quoted basically means that the solicitor will have to check that an appropriate warranty (for repairs) is in place. It's normally an NHBC warranty, but sometimes it's from Zurich or from the architect.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • 77588p
    • By 77588p 19th Apr 17, 11:35 PM
    • 11 Posts
    • 2 Thanks
    77588p
    • #3
    • 19th Apr 17, 11:35 PM
    • #3
    • 19th Apr 17, 11:35 PM
    Thank you for your reply. Thats reassuring. So for a remortgage will they be doing all the searches etc again?
    • davidmcn
    • By davidmcn 19th Apr 17, 11:57 PM
    • 5,603 Posts
    • 5,381 Thanks
    davidmcn
    • #4
    • 19th Apr 17, 11:57 PM
    • #4
    • 19th Apr 17, 11:57 PM
    So for a remortgage will they be doing all the searches etc again?
    Originally posted by 77588p
    They'll be doing whatever searches the lender wants them to do. But as a minimum they'll be checking the title anyway, so the comment on the valuation is pretty meaningless. If your title was fine when you bought, then it will (almost certainly) be fine for your remortgage.
    • Thefutureisbright
    • By Thefutureisbright 20th Apr 17, 12:28 PM
    • 104 Posts
    • 12 Thanks
    Thefutureisbright
    • #5
    • 20th Apr 17, 12:28 PM
    • #5
    • 20th Apr 17, 12:28 PM
    Can anyone explain the following which is on our valuation report:

    Current Market Value: £170,000
    Projected Market Value (90 days): £165,000

    What value is the property actually being valued at? (£170k was our accepted offer)

    Many thanks!
    • kingstreet
    • By kingstreet 20th Apr 17, 12:36 PM
    • 31,723 Posts
    • 16,948 Thanks
    kingstreet
    • #6
    • 20th Apr 17, 12:36 PM
    • #6
    • 20th Apr 17, 12:36 PM
    If they had to sell the property on a 90 day forced-sale basis, that's what they'd expect to market it for.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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