Abbey National Valuation Surveys

RAINBOW123_3

Hi

Does anyone know why its taking so long for Abbey National to do their Valuation Surveys.They are being really slow :rolleyes:

Was any one with them,how long did it take for the report to get back to you?

What follows after this in a sale?

Great to hear from anyone who knows :beer:

dogbot

It took a while for ours to happen. Everyone we spoke to from our IFA to several estate agents said Abbey have always been very slow. It is just how they work.

Once it is done the bank will confirm the valuation is ok in a letter - prob takes 3-5 days though with the royal mail having its current trade unionist rash as the moment that might take longer. They might call or you can call and chase them.

If the valuation is ok-ed then they will issue a confirmed mortgage offer and you can proceed with the sale.

If there is a problem - i.e. they say it is worth less than you have offered - then you must return to the seller and pursuade them to take a discount or find more capital yourself.

RAINBOW123_3

Thank you.

Im the seller.Waiting on a survey to be done on our place that we are selling.

Am I,the seller allowed to ask the survey man how long results will take to get to the buyer?

What do you mean by the buyer will have to find more capital? What is this for?

Sorry Im new to all this.

chickmug

RAINBOW123 wrote: »

Thank you.

Im the seller.Waiting on a survey to be done on our place that we are selling.

Am I,the seller allowed to ask the survey man how long results will take to get to the buyer?

Yes I find most will say but perhaps not be prepared to talk about their findings

What do you mean by the buyer will have to find more capital? What is this for?

Sorry Im new to all this.

If downvalued by £2,000 and the buyers are borrowing to their limit and they have no other money they will have to find it from somewhere as the lender will only lend in accordance with the valuation and their maximum LTV.

RAINBOW123_3

Also,we have already gone down £7,00 from the selling price.

Can the confirmation in the letter be when you know it is safe or is it when you receive the morgage offer that everything is fine? Is there a difference?

What stages are left with the solicitors after the mortgage has been approved?

chickmug

Just because you have already reduced doesn't make any difference as the valuer may still feel the price is too high.

Your IFA will know and once he has the OK you should be safe.

Solicitors work is like a black hole in space. We all know they exist but are not sure what happens in the middle.

RAINBOW123_3

Yes sorry youre right.Not thinking straight.

We sold in July & were supposed to complete end of August.Its just the valuation survey thats holding us up.They have been contacted a number of times to get this survey done & its got to the stage where our estate agents is not happy with them & so was told yesterday (Weds) that it will get done this week.But still nothing.

Do they do valuations on the weekend?

If there are any more of you out there who have been with Abbey National it would be good to hear from you.

chickmug

Abbey are known to be slow.

Yes some do weekends but not as routine.

It is all too common for people to be told yes it will be this week and it not to happen

RAINBOW123_3

They shouldnt do that! They are getting peoples hopes up.

bennybroadbean

We are in the same position, we are doing a house exchange and are all ready and waiting - the other party are still waiting for the valuation on our house, its been weeks!
The other party chased and said they would contact me to arrange a time within 48 hours, guess what.. didn't hear anything! The other party chased this morning and guess what... Abbey will contact us in 48 hours!

Lets see what happens but I won't be holding my breath!!

RAINBOW123_3

Hi bennybroadbean

Thank you for your reply.

When you say you are ready & waiting do you mean that you are packed & everything is done with the solicitors but are just waiting for your mortgage offer?