Mortgage, how long to arrange a valuer

littlened

We're in the process of buying a property, because it's a repossession it has to be complete within 28 days, though they'll allow extra time for the Christmas period. We're going ahead with a Mortgage through Abbey, and our financial advisor notified them of all the details on Monday morning. The next step apparently is for them to arrange a valuer to value the property, but as yet, the estate agent have had no contact about valuing the house.

I'm not sure how long it usually takes to get someone out, I'm obviously concerned because I doubt much is going to get done over the next couple of weeks and we may not get the property valued for another 2.5 weeks.

Jorgan_2

Different lenders work on different criteria, some will go to survey once they receive the mortgage application while others will wait for references to come back before going to survey. Check with your broker what Abbey usually do. Also check that Abbey don't do drive drive by vals if you are only have a mortgage valuation, the EA wouldn't know the surveyor had been out in that situation.

littlened

Apparently its a full on survey as we've had to pay Abbey £220 to do it.

jill2002

£220 is the cost of a basic valuation, not an in depth survey. Also, ask about the deal you have been put on. Looking at the amount you are paying for the valuation, leads me to know the approximate value of the property, and the amount of mortgage you must be taking. Surely, it would have been more cost effective to have a deal with Abbey with the valuation fee included (and £250 cashback for legal fees). Ask your broker about the other deals available including the Homebuyers Benefit.

If you are going through a broker, the valuation will be organised normally within a week or so. If going direct through a branch, normally within a day or so.

vwornoutmum

Sorry to be negative but here goes, we are buying a repo the valuer went out the day after we applied for the mortgage and we had our mortgage offer within 2 weeks. We were considering Abbey as that is who we currently have a mortgage with but were advised by 3 financial advisors that they are very slow. This is true when we remortgaged they took from April to August to do it. A previous post said that the EA may not know if they've been out to do standard mortgage valuation, when we remortgaged with Abbey we only had basic val and I had to be in to let the guy in, so the EA should know.

I'd just call Abbey and ask when are they going to do it and make sure they know that it urgent get your mortgage advisor on to it, they'll be happy to get it through quick, so they can get paid.