Valuation Charge

lfk

We have just ben charged £11,000 for a valuation for the purposes of obtaining a Natwest mortgage on a property which is valued at just slightly over £1million
If the value had been less than £1 million the valuation fee would, apparently have been £1400.
Can we challenge the fee charged and, if so, how ?

opinions4u

It's usually best to challenge such things before paying them.

If you don't like the fee, borrow elsewhere.

Kittikins

Wow! That's stupendously expensive, and there I was muttering about paying £500 for a valuation on a £310k house. Outrageous how much the banks feel they can charge to just do the most basic of surveys

Not sure if/how you can challenge it, but good luck.

iazcac

Was this just for a standard val or was it a homebuyers or building survey?

In any case v expensive way above market price for a £1m house. Agree that if you have already paid you may struggle to challenge but ring a few independent surveyors in area to get a quote and include these in your complaint to lender. May be a simple human error.

dunstonh

Can we challenge the fee charged and, if so, how ?

Do you normally buy goods and services first and then complain about the price afterwards?

Most normal people would think about the costs before they buy the product and decide if they want to proceed or not or query it if they felt they had reason to.

lfk

No , do n't normally buy goods and services first and complain afterwards but impression was given that the valuation charge would be a bit above the usual. No actual fee was quoted.
However, panic over!!
It was a simple typo , apparently .
It should have read £1100. We are content to pay that charge because it fits with impression given
Thanks to all those who provided assistance
lfk

kingstreet

I was just about to say I don't think Pinders or Taylors charge that much for doing a business valuation, so I reckoned there was an error.

dunstonh

No actual fee was quoted.

The valuation fee is required to be quoted. Hence the assumptions here that you would have known about it. The fact it wasnt quoted to you suggests a failing on that front.