Advice please re valuation

lorriellah

Okay I feel completely confused by what to do. Here is my situation.

I have reserved a new build home. I have been given a 'bridging loan' from my parents to buy the house and to pay them back once I have sold my current house.

I will not need to take out a full mortgage on the property- it is worth 180 but I have about 50k deposit.

Now I am not taking out a mortgage on it straight away as I'm waiting until my current house has sold and I'm using the money my parents have lent me to pay the building company.

Before we can exchange contracts I need to get the house valued though. How do I go about this? COnsidering that I haven't got a mortgage in place?

i am assuming that the valuation won't be a problem seeing as I'm only taking out a mortgage of around 120 for the house which is worth 180. I just don't know how to go about sorting out the valuation when I don't have a mortgage in place yet.

Help?!

sonastin

Do a search for a local surveyor in your area. Give one or two a call to find out what they would charge. I would suggest you get more than just a basic valuation - a homebuyers survey might be a bit much for a new-build, but I think it is worth getting a professional to give the build-quality a once-over, and to highlight any potential snagging issues with the new house.

If you know who your mortgage is going to be with, it might be possible to check if the surveyor is on the lenders approved list. That way you MIGHT be able to save valuation fees when you come to apply for your mortgage. Depending on how long it takes to sell your house though, you might have to cough up for another valuation fee plus more solicitors fees to register the mortgage charge on the property.

poppysarah

How long will your current house take to sell?