Yipeee..mortgage sorted and valuation booked for Monday

riverboat2001

So excited....:D

First proper move to first proper house!
(previous right to buy flat- so all processes new to us)

Just wanted to share our good news.

Clear of any oustanding debt for about 5 years, and now got a managable mortgage.

And more importantly a clear two year plan to be almost mortgage free!

So much i want to do, but got to sit tight until the valuation comes in okay.....More sleepness nights ahead!:(

riverboat2001

Can anyone tell me what happens next. Am I likely to hear anything on the same day as the valuation?

mikestanley

so happy for you

hopefully we will be in your position soon too !

Yorkie1

Is the surveyor also doing a survey for you at the same time as the valuation for the lender?

If so, you might be able to speak to them later on the same day, but don't expect to get the paperwork through for a few days afterwards - it has to be typed and then checked before being posted.

riverboat2001

No, different one. I'm getting a full structural survey done by someone local.

Yorkie1

In that case I don't think you receive the details of the valuation unless / until the lender finalises (or, worst case scenario) their mortgage offer. You have no contractual link with the valuer and therefore they will not tell you their opinion directly. They report only to the lender.

riverboat2001

So, how long do you think it will take for this stage to be finalised? I don't want to spend hundreds on my surveyor and solicitor until I know it's all going to go through okay.

stringsmk2

riverboat2001 wrote: »

So, how long do you think it will take for this stage to be finalised? I don't want to spend hundreds on my surveyor and solicitor until I know it's all going to go through okay.

from experience, it took a week from the time the valuer did the inspection to when the bank accepted the valuation and contacted me.


Please dont rush into getting your surveyor in, it is likely that the valuation will come in lower as well

flora48

There was a valuation on a recent purchase of mine and it was only a few days before I received a copy of the report, very brief, really to confirm the house is as is said and to confirm the value. I had a HomeBuyers survey done and the surveyor was very approachable, he rang on the evening of the survey with a brief outline then I was able to ring him to discuss specific points after I had studied the survey. Well I was paying a goodly sum for his services. Definitely wait till your finance is in place before having your own survey done, they are not cheap. Good luck, you are about to make a vendor very happy too.

riverboat2001

House was up for 260k offer accepted at 237k.
House next door up for 295k albeit in top condition with extension.
Just really eager to crack on with things.
Will hold on though as you guys have advised. Can't sleep with all the excitement!

riverboat2001

Well, valuation all went through fine, got mortgage papers through about three days later.
I have a full structural survey booked for Monday, i'm sure it will come back with loads of scary stuff, bound to with a house that's over 60 years old! So will no doubt be posting on here for help.

I'm also waiting on the paperwork for my other mortgage, but won't get that until next week.
Once these two bits are done i will hopefully be full steam ahead.