What is a mortgage valuation report??

Tomsdad67

Hello

I received a call today from a surveyor saying he has been asked by C&G to complete a mortgage Valuation on my property for the mortgage for my buyers.

I asked if he was doing a Home Buyers Report or full structural. He told me he was just doing a mortgage valuation that would take no more than about 30 mins.

What does a mortgage valuation involve and what sort of info does it provide my buyers?

Sammy85_2

It just tells the bank what its worth and any major problems. Its not particularly in depth, but will show up anything that will majorly affect the value and is obvious on a 30minute visit.

googler

In short - The mortgage company wants to know if it's safe to lend £X on your property, so the surveyor essentially says "Yes, your money's safe on this one". He'll report any blatantly obvious defects, but won't spend an overly long time looking at anything else.

monkeys_bunny

some times they just do a driveby valuation and dont even go into the house.

if you want to know if the house you are buyin is worth you putting you hard earner cash into it your best to have a full valuation. a mortgage one, is as stated above just to prove that the house is worth what you are paying for it and what they are lending you so they know that they will not loose their money, as such

martynh99

I've not got the figures to hand right now but on a £215k purchase price we were quoted something like (i'll ask tomorrow as i'm speaking to surveyors)

£65 driveby valuation - pretty much just that, surveyor drives down road and confirms the house exists(hope theres a number on the door or that he/she can count :rotfl:) and looks like it's worth the money.

£250 mortgage valuation report - the 30 mins one, just goes inside checks no major issues and no cracks outside etc. If a loft pops his head above cover but doesn't go in. We've gone for this one as it's still under NHBC cover and is only 6 years old and the bank wouldn't allow a driveby.

£400+ homebuyers, goes into a bit more detail. We had this one on a 28 year old property we were looking at the other year. To be honest wouldn't recommend doing so. The surveyor didn't pick up that a wall had been removed between kitchen and dining room even though the ceiling showed evidence of it with cracks. Also didn't spot some DIY wiring that didn't comply with elec regs.

£800+ full structual report.

Richard_Webster

If it is C&G I don't they normally let the buyer see the report at all - it is entirely for the Bank.

kst101

We are selling our house and the buyers are having a mortgage valuation done tomorrow. I have been told to expect the person from 12pm until 2pm - from the rest of this thread I hope this means to expect them between those times rather than for two hours.

How long does it normally take to find out the results from this? Pretty sure the house is OK valued but obviously it is something else to worry about!