Co-op bank Valuation survey

rebecca410

Hi all,

I have been accepted for a co-op mortgage the case owner has looked over the documentation and asked for a couple of other things before she goes on to sort out the survey taking place. I am just wondering does anyone know how long co-op are taking at the moment to sort out surveys and how long do you think it will take for the surveyors to hand in the report.

Any help appreciated.
Thanks

Beardmidget

rebecca410 wrote: »

I am just wondering does anyone know how long co-op are taking at the moment to sort out surveys and how long do you think it will take for the surveyors to hand in the report.

I know this isn't quite relevant to you but...

My mortgage broker sent off my application to the Leeds BS on Monday night (27/04), and they have arranged the survey (i paid extra to have homebuyers as well) for Tuesday morning (05/05).

He had spoken to the underwriters prior to sending the application to ensure they would have me, and got all my stuff in place for sending (aah, how that de-stresses), so they only really had to 'process' the paperwork, but they're not known to be the fastest on the planet- so hopefully that's a reasonable indication for you.

FYI- My two penneth on the Co-op is that they're brilliant- I do all my regular banking with them, and would have ordinarily taken a mortgage as I get a dividend back related to my use of their services (and I recommend you join the cooperative movement if you are going to have a mortgage with them- it'll get you a few pints!). I went elsewhere because I needed a guarantor mortgage, and they're not quite so good with hard cases.

fogma

rebecca410 wrote: »

Hi all,

I have been accepted for a co-op mortgage the case owner has looked over the documentation and asked for a couple of other things before she goes on to sort out the survey taking place. I am just wondering does anyone know how long co-op are taking at the moment to sort out surveys and how long do you think it will take for the surveyors to hand in the report.

Any help appreciated.
Thanks

Hi Rebecca,

We're at exactly the same stage as yourself so i can't help at the moment but will let you know if we get it arranged before you!

Can you tell me what kind of survey you're getting done? as we're getting really confused with whether we should get a full survey done through the co-op (who do it through countrywide) or whether to get a basic valuation and possibly just leave it at that to save some money.

They haven't given me prices etc. yet but I want an idea in my head for when they do to save some time as we want to complete by the end of May (gonna be tight me thinks!)

cheers, Joe

aln_2

I just paid mine 575 with countrywide, they undervalued the property that I am buying by 25000, without looking at the prices around. In January 2009 similar property sold for 200000 ; now is after valuation is185000. Agreed price 209000. It took 3 days for me.

superfran_uk

Was wondering the same thing. I was really expecting some kind of acknowledgement that they had received everything today, but nothing, and I just don't have the energy to spend an hour on hold!

Quite worrying that they undervalued by so much, just terrified that this could happen and leave us back at square one!

superfran_uk

Received a call yesterday (Thursday) - so about a week after posting details off. Survey is booked for monday. So there you go. Just over a week is a good estimate

rebecca410

Hi just an update countrywide rang me today and took a payment survey probably mon/tues. So excited but worried, it's been so stressful just to get to this stage because even though the mortgage application has gone through they have been asking for more and more proof of ID and proof of pay due to the fact I recently got married and only just started my new job. So our mortgage offer is subject to getting my payslip the end of this month. I don't see this as a problem though because I can see where there coming from and the minute I get my payslip it's getting sent off. Just hoping everything goes smoothly from here. Good luck guys keep us posted on how your getting on.;)

fogma

We had our id and payslips etc. approved on tuesday and the valuation booked straight away. I was told you must have at least a homebuyers report done which includes the valuation. We decided against getting the full building survey due to the additional cost and we know that the house needs a lot doing to it anyway so as long as nothing major comes up on the homebuyers we have a good idea of what work needs doing.

We got sent the terms and conditiions of the survey on thursday which we have to sign and send back for them to be able to send us a copy. The surveyor actually phoned us on thursday evening to ask if there was anything we wanted him to specifically check on the property as he was doing the survey on friday morning which I thought was good of him to do. Hopefully everything will be ok with it and we should get the survey back early next week.

The co-op still want to see my partners last three months bank statements before the full mortgage offer is in place as she has two jobs but there shouldn't be any problems so I just hope it gets fully sorted soon.

We have to be out of our rented place by the end of May which is going to be really tight to complete in time but it will probably depend on how long the money takes to transfer etc. for the ownhome loan.

If anyone has any idea of whether you definitely need 10 days between exchange and completion dates with ownhome as that is what it said in the guide notes that'd be great to know.

superfran_uk

Our survey was carried out yesterday - and today we got confirmation from co-op that the valuation had matched the purchase price and the sale can proceed. My OH didn't ask any questions but presumeably anything noteworthy would have been mentioned - we will probably receive our copy in a week or so.

superfran_uk

An update - we received an email copy of the survey on Wednesday and printed copies Thursday. We received our confirmed mortgage offer today.