Time from mortgage application to valuation...

djm1972

I accepted an offer on my place on 14th February, Estate Agent told me the buyer (first time) has a mortgage agreement in principle in place and only needs to submit the application...

It's now 2.5 weeks later and i've still not had a surveyor (or equivalent) round to do the valuation for their mortgage application!

Meanwhile, i'm moving on and my own mortgage application (which would have gone in at more or less the same time) is progressing nicely and the surveyor has been instructed.

Am I worrying too soon, or are my mortgage lender just particularly efficient and it can be much longer than 2 weeks before a valuation is carried out? I know that my buyer is going through an IFA, and they both work full time which means they can't put responses to mail in the post until the next day...

What sort of times have other sellers here seen it take their buyer to arrange their mortgage / valuation?

Jeewhizz

I am a FTB, and had an Agreement in Principle. I made the offer Sunday 4th Feb, and the paperwork was sent on 6th Feb, surveyor was instructed on 8th, and survey/valuation was done on 13th Feb....

My broker seems to be on the ball!

WaveyDave_2

I'm the other side of the fence to the OP, I'm the buyer. Mortgage paperwork sent to lender (arrived Thur 15th), valuation survey carried out Thursday 22nd, mortgage offer arrived in post Sat 24th.

Sounds like your buyer may be dragging heels?

djm1972

WaveyDave wrote:

I'm the other side of the fence to the OP, I'm the buyer. Mortgage paperwork sent to lender (arrived Thur 15th), valuation survey carried out Thursday 22nd, mortgage offer arrived in post Sat 24th.

Sounds like your buyer may be dragging heels?

I'm starting to wonder!

I had been told by the Estate Agent that they had lost out (gazumped?) on their purchase of an identical apartment on my estate, and the mortgage application had already been approved and it was just a case of changing the address. I'm pretty sure the lender would require another survey / valuation even thought it's an identical property!

Funny how it's just one thing that rules your mind during the sale & purchase procedure. As soon as I knew that my mortgage application was on track i'm now worrying about theirs! 2 days ago I wasn't giving it a second thought!

Ho hum...!

AndrewSmith

It could be a case that your buyer is having a free valuation paid by the lender, in which case they will want to fully underwrite the case and be in receipt of all satisfactory documentory evidence and references before they pay for the valuer to visit. Either that or he could be using the likes of Nationwide who, in some cases of late, are reluctant to instruct valuation until they are in a similar position to above even though an AIP may have been issued.

Depends on the lender, status of the borrower and the case as a whole.

WaveyDave_2

AndrewSmith wrote:

It could be a case that your buyer is having a free valuation paid by the lender, in which case they will want to fully underwrite the case and be in receipt of all satisfactory documentory evidence and references before they pay for the valuer to visit. Either that or he could be using the likes of Nationwide who, in some cases of late, are reluctant to instruct valuation until they are in a similar position to above even though an AIP may have been issued.

Depends on the lender, status of the borrower and the case as a whole.

This is a good point. Although we had a free valuation, our application was very detailed, I included letters confirming salary scale ranges etc, they therefore had no reason to approach my employer. We also have no debts. Perhaps this is why it was so quick?

djm1972

AndrewSmith wrote:

It could be a case that your buyer is having a free valuation paid by the lender, in which case they will want to fully underwrite the case and be in receipt of all satisfactory documentory evidence and references before they pay for the valuer to visit. Either that or he could be using the likes of Nationwide who, in some cases of late, are reluctant to instruct valuation until they are in a similar position to above even though an AIP may have been issued.

Depends on the lender, status of the borrower and the case as a whole.

Thanks - as they are first time buyers (a "young professional" couple) and I would imagine borrowing a significant LTV this could well be the case. I've also found quite a number of references to "Drive By" valuations becoming increasingly common.

machofairy

I signed up for mortgage on 8th Feb and the surveyor phoned the vendor on 20th to make the appointment. I had to chase them though as I was originally told it would be down within 4 working days.

tranquil_2

No advice but just to say we're in the same situation. We accepted an offer on our house on 7th February and have heard nothing further. Wasn't too bothered as we were still looking but we had an offer accepted on a house today, so will now start chasing (Estate agent already knows my voice when I ring up- it's about time the solicitors recognised me as well!;))