Valuation question

devonmaid77

Hi, my husband and I are both first time buyers and need a little advice!

We have had an offer accepted on a property and have made an application for a mortgage through Countrywide mortgages. We have been waiting a very long time for our mortgage offer and things have recently taken a turn for the worse, but that's a different story.

My question is... we had a valuation carried out by Countrywide for our mortgage application, is this now ours? Or will we have to have another valuation carried out if we decide not to use Countrywide any further?

I feel in a bit of a pickle about what to do at the moment, so just knowing whether we will lose out if we decide to change advisors would be a really helpful first step!

Many thanks for reading.

opinions4u

The valuation usually belongs to the lender, not the buyer or broker.

Changing lender will mean a new valuation.

JA1000

Who is the lender and do some chasing yourself, you will find out exactly what countrywide have been up to.

devonmaid77

Mmm, thought that may be the case.

Have chased the lender myself. Sadly we have had our offer declined due to a restriction on the property, so we now need to go to another lender. Just wanted to know if we can use the same valuation with a different lender if we don't use countrywide advisor any longer and switch to a different advisor who has experience in sourcing mortgages for the type of property we are trying to buy. We have already spent out for nothing and just trying to find any way of keeping down any further costs.

Thanks for your replies.

SLAMMER_2

devonmaid77 wrote: »

Mmm, thought that may be the case.

Have chased the lender myself. Sadly we have had our offer declined due to a restriction on the property, so we now need to go to another lender. Just wanted to know if we can use the same valuation with a different lender if we don't use countrywide advisor any longer and switch to a different advisor who has experience in sourcing mortgages for the type of property we are trying to buy. We have already spent out for nothing and just trying to find any way of keeping down any further costs.

Thanks for your replies.

what are the restrictions on the property? You may think you've paid out for money but in the long run the valuation might have saved you being saddled with a horrible property.

devonmaid77

Nope, nothing wrong with the property, it's just an ex local authority property. We don't feel we've paid out for nothing, but just wanted to find out if we'll need to get another valuation carried out when we apply to another lender for a mortgage on the same property. My confusion was just that countrywide carried out the valuation so thought that maybe we could use it again even if we were no longer using their advisor, but it looks like that is not the case! Boo!

VIGILANT22

Who was the lender the application was submitted to and refused on the basis of being ex local authority???

devonmaid77

Sorry, I'm not being very clear. It wasn't declined because it's ex LA (although it is) but because there is also a restriction on who can buy itl when we resell. It's very frustrating as it's taken a long time for the lender to issue their offer (or not!) and it appears that taking into account any restrictions is the last thing they do. Oh and it's norther rock. Again boo!

VIGILANT22

Why do you want to buy something "non standard"...think about when you come to selling....surely you want a stress free exit strategy on selling.......

Thrugelmir

devonmaid77 wrote: »

Sorry, I'm not being very clear. It wasn't declined because it's ex LA (although it is) but because there is also a restriction on who can buy itl when we resell.

Then you should obtain advice on the amount you should offer for the property. As the restriction obviously has a material bearing on its market value.

devonmaid77

We didn't think it was non standard, most of the property for sale round here is ex local authority and they all have the restriction. A lot of my friends own these types of properties and they have got mortgages. To be honest most of the property on the market in our area in our price range is the same.

It's supposed to be a way of maintaining the housing for local people, but if lenders are begining to stop offering mortgages it's not really going to help!

Anyway, it's a great house, is perfect for us and as I've said all the ex LA properties round here have the same restriction so I'm sure we'll get there eventually!