Can I avoid another mortgage valuation survey fee?

colliecrew

Hi there,
I have had an offer accepted on a property and I've already had a valuation survey completed. However, my mortgage provider Alliance and Leicester want to charge me £340 to have another valuation survey completed.
Anyway out of this????
Look forward to any advice
Campbell

Rick62

Why do you want two valuations carried out? What was the first one for?

colliecrew

Hi there,
I live in Scotland and as you will know, we have a slightly different way of buying and selling.
The offer we made on the house was subject to survey. So when the offer was accepted we had to have a survey completed ASAP. So we have already had a mortgage valuation survey completed, I was sure our mortgage provider would accept this without the need for a second survey.
So hope that's answered your question.

Rick62

Most lenders will have approved panels of valuers, so if your valuer is on their panel then they certainly should accept it, if he is not on the panel then it is trickier. If he has all the usual professional creditations then I don't see why they shouldn't, but they are under no obligation.

herbiesjp

You could ask them if they will accpet a transcript or re-type. A lot of lenders do this in Scotland for the very reason you state.

There will be a charge, but not as much as the £340 figure

kittykirsty

£340 sounds like a lot of money just for a mortgage valuation survey to me. Like Rick says, your mortgage provider will accept surveys completed by companies on their panel, but not necessarily others. You can phone your surveyor and check if they deal with your mortgage provider. If they don't it may be cheaper to get a survey done again yourself quickly with a surveyor on their panel, but make sure that your mortgage provider will definitely accept it first!! When we wanted to buy our flat, we had to get a survey done pretty quick, were advised that because it was a new property we only would need the cheapest survey which would tell us if it reached the asking price and that would be enough for a mortgage provider; that cost around £150 pounds so the sum of £340 sounds crazy to me!

I think the best plan is to always get your survey done with a big, well known, surveyor, then you have the best chance of it being on the panel of your mortgage provider.

UK007BullDog

The fees depend on the price of the property. The higher the value of the property the higher the valuation fee.

RBS

Between 40 & 50% of the valuation fee is kicked back to the banks.

One of the reasons for this is that valuers dont have to visit every property they know what a property is worth through the postcode, also valuers share the info between them saves them form having to visit all the properties.