Valuation survey - how quick?

wessexw

Hello everyone, I was wondering on average how soon a valuation survey is done after having an offer accepted on a property? I know that my particular lender assess all the documentation first and only then decided to order the survey if they're happy with all the docs so it's one of the last things to happen in the process with my particular lender. However I have a feeling that with other lenders that the survey is one of the first things? Reason I'm asking it that my vendor is starting to wonder where the survey is and it's only two weeks after having the offer accepted, is that a realistic time for most valuation surveys to happen in?

Thanks!

GMS

The lender may have elected to do an electronic valuation or a drive by. Not necessarily going to send a surveyor round.

Speak to the lender or your broker and get an update. May have been carried out.

mrjenp

Calling on my vast experience of 1 house purchase, we got a valuation from the lender about a week after starting the application process, so it's worth giving them a call to check on progress.

In our case the vendor was worried we'd lost interest, as nobody came round to perform the valuation - turns out they'd done a "drive by" instead

wessexw

No the survey definitely hasn't been done, I was just trying to get a feel for how long on average it takes for one to be done so that I know if my vendor is justifiably getting worried or not

delmar39

You won't get your mortgage offer proper until the valuation has been done. So, once you've applied for the mortgage and been accepted in principle they'll get the valuation done to confirm the amount they'll lend you. As you pay up front for it you should be able to get it done asap in the process - I just rang my lender up to commission it and it was done within 2-3 days.

wessexw

Hmm, my particular lender doesn't ask you to pay up front, they charge you afterwards. Or at least they're supposed to as I had a valuation done a few months back on another property and they still haven't charged me for it despite me asking them to charge me many times as I want to clear my debts!