refund of survey fee

huwy123

Hi All,

I've just agreed a price on a new place and have spoken to my financial advisor to get a mortgage. He seems to think there'll be no problem getting the mortgage but I'm a little more sceptical given recent events.

I was wondering, as I'm about to stump up £450 for a survey, if the bank turns us down do we get a refund?

Cheers,
H

maninthestreet

In a word, no.

manikm

I am remortgaging with HSBC, everythings going well, EXCEPT the offer is based on valuation\survey.

I paid a £599 booking fee.

I said, i'd only go ahead with it, if they promised to refund me the fee, if the valuation wasn't right.

She had to check with her manager, and then i had the ok the next day they'd refund it.

So, i guess what i'm saying is - ask them! Dont ask, dont get.

grogdog

you will get a decision in principle done first, if this is accepted then you shouldnt have a problem getting the mortgage as long as everything stated in the dip is true ie incomes etc. you will only pay the val fee after this and it will not be refunded if you dont go ahead due to downvalue of property, so best to be sure of value before going ahead.

KieranR

Hi all, sorry if I'm posting this in the wrong place - if I should have raised a separate thread, please tell me & I'll do so

The reason I'm posting in this thread is that I'm looking to get a survey done to confirm the value of the house of a recently passed-away relative my wife & I are looking to buy (first-time buyers, been council tenants for ten years ). One of my relatives (who is an executor of the will) is insisting that the house is worth a lot more than many of the local estate agents have valued the property at; if I get a survey done, and it proves that the house is worth less than I'm being told, is it safe to assume that a mortgage lender won't give me a mortgage based on my relative's figure, even if I'm being left 33% of the property which will act as my deposit? So far my relative is proving less than willing to budge ...

maninthestreet

KieranR wrote: »

Hi all, sorry if I'm posting this in the wrong place - if I should have raised a separate thread, please tell me & I'll do so

The reason I'm posting in this thread is that I'm looking to get a survey done to confirm the value of the house of a recently passed-away relative my wife & I are looking to buy (first-time buyers, been council tenants for ten years ). One of my relatives (who is an executor of the will) is insisting that the house is worth a lot more than many of the local estate agents have valued the property at; if I get a survey done, and it proves that the house is worth less than I'm being told, is it safe to assume that a mortgage lender won't give me a mortgage based on my relative's figure, even if I'm being left 33% of the property which will act as my deposit? So far my relative is proving less than willing to budge ...

Your relative's opinion is irrelevant. The valuation used by the lender will be the one from the survey that was commissioned.

sarkin

you need property bee http://www.property-bee.com/

manikm

grogdog wrote: »

you will get a decision in principle done first, if this is accepted then you shouldnt have a problem getting the mortgage as long as everything stated in the dip is true ie incomes etc. you will only pay the val fee after this and it will not be refunded if you dont go ahead due to downvalue of property, so best to be sure of value before going ahead.

a) How can you possible "be sure" of value before proceeding without getting a valuation done - LOL - ironic!

b) Sometimes they will agree to refund the booking fee and\or survey fee if downvalue occurs.

beecher

manikm wrote: »

I am remortgaging with HSBC, everythings going well, EXCEPT the offer is based on valuation\survey.

I paid a £599 booking fee.

I said, i'd only go ahead with it, if they promised to refund me the fee, if the valuation wasn't right.

She had to check with her manager, and then i had the ok the next day they'd refund it.

So, i guess what i'm saying is - ask them! Dont ask, dont get.

You're in a different position from the OP, as they are having a survey done on a new property and would be unable to claim the costs back if they were unsuccessful.

manikm

beecher wrote: »

You're in a different position from the OP, as they are having a survey done on a new property and would be unable to claim the costs back if they were unsuccessful.

you're quite right!

i was thinking of booking fee, not survey fee - survey fee is stipulated at the time, if its free or not. (i.e as part of a remortgage deal)

sorry for confusing anyone.