Abbey Valuation to Offer Time

annie11_2

When the Valuer has sent his report to Abbey, what is the next step? Does it go back to Underwriters and can they ask for more information or is paperwork completed before the Valuer is instructed? What is the usual time between Valuation and Offer? All information welcome. Has anyone heard of an application which has been declined after a Valuation? Thanks

adamski10

After the valuer returns his report to the lender a underwriter has to asses it to decided if the property is suitable security for the loan that they have proposed to give to you to be secured against, for example property type of construction any major faults, valuation of the poperty been as you have stated on the application.

Lenders may still ask for further reports to be carried out on the property if the valuer has highlighted any potential issues (such as out of date electrics or structural issues). With regards to your own documentation if you have already provided them with you Payslips, P60's, Bank Statements that should be sufficient however lenders are very particular at the moment and can always ask for further information at anytime.

The usual time from Valuation to Offer really does depend upon each case, I would normally suggest that if the valuation has been instructed after all of the other underwriting has been completed no more than a couple of weeks. However the Abbey are exceptionally busy at this time.

Applications can be dedclined after offer if the property is discovered to be unsuitable for their lending policy, this is normally down to non standard construction types, i.e. non brick walls and non slate roofs. Defects with the property can lead to declines in severe cases but most often lenders place a retention which means they will hold back some or all of the mortgage monies until specified works are carried out.

I hope this helps somewhat.