Lenders Survey Put No Value On House?

crusty_toenail

kmmr wrote: »

i had a valuation by a&l recently and they wont tell you the result. but oddly they would tell me the new ltv! from which it wasnt too hard to work out the value.

How did you find out the ltv, its not on my doc's, did you phone them as no phone number provided either?

Doozergirl

It certainly used to be a few years ago that some of lenders wouldn't put a value on what you receive in the post. Many wouldn't even send you a report at all.

Usually you could ask and receive a copy of what the lender had but as said, that valuation is for your lender, not you. If you want piece of mind then you need to commission your own survey in the form of a homebuyers report or a building survey.

It's been a while since I took out a personal mortgage (although I'd had quite a few) so speaking pre-credit-crunch. No idea what has happened in mortgage markets since then but can't see why they might feel any more inclined to send a report if they didn't before.

kmmr

crusty_toenail wrote: »

How did you find out the ltv, its not on my doc's, did you phone them as no phone number provided either?

I called them. I was actually asking for an extension to my current loan - so they said, we will give you £x more, which brings your total loan to 85% LTV, but we won't tell you what the valuation is!

Incidentally the valuers were completely rubbish. They gave me a very low value, based on their being no comparatives available, and no details of the plans we had for the extension. All he really did was come over and say 'what did you pay for it', and coincidentally this was exactly the price he came up with as a valuation! This is despite offering to show him the plans, and him saying not to worry about it.

I had to put together a whole set of materials with recent sales (including one identical flat which sold 6 months earlier, same street, same size, same block...), plus full details of the planning. Quite annoying, as he was paid £200 to basically come in and do nothing!

end rant...