How Long between Mortgage Application and Survey?

rafraf03

Hi People,

On average, how long should it take between our mortgage application and the survey being booked?

Our financial adviser sent all the papers last week, and they have come back requesting more information. Would they organise the survey in the meantime?

I am asking because the estate agent through which we are buying is threatening to put the house back on the market because the survey has not been booked. Is that reasonable in your opinion when most things seem to be going according to schedule?

Should I push more the Financial advisor or have a go at the agent? I don't actually believe that these request come from the vendors themselves who have been very correct. On the other hand the agency have done nothing but push us ...

Any advice is much apprecitated !

inmypocketnottheirs

As a general rule of thumb, valuers are not instructed until any references are taken up. Once the status of the applicants has been confirmed, then the surveyor is instructed.

rafraf03

Hi Kuztard,

Funny you should say that our application is going through with abbey too ! Our mortgage is a self-cert though.
According to our financial advisor, they are very busy dealing with that product that is very good (5.44 fixed for 2 years).

Apparently the vendors are now giving us till friday to sort out the survey (!) before putting the house back on the market.

I think we may take a gamble and book the survey without having the mortgage approved... what's £600 when you risk a house you really like ...

Thanks !

rafraf03

inmypocketnottheirs wrote: »

As a general rule of thumb, valuers are not instructed until any references are taken up. Once the status of the applicants has been confirmed, then the surveyor is instructed.

Hi inmypocket,

What do you mean by status of the applicant ?

Thanks !

inmypocketnottheirs

rafraf03 wrote: »

Hi inmypocket,

What do you mean by status of the applicant ?

Thanks !

Job references checked, credit references checked, previous lenders checked, electoral roll checked, basically all the things that lenders check on before instructing a valuer/surveyor. The valuer/surveyor is instructed last only once everything else is confirmed.

rafraf03

Kuztardd wrote: »

wow, it's amazing how IR change over such a short time.

But which survey are you hoping to have?
we took the homebuyers survey (the middle one) that was done via Abbey.

or were you wanting to get the survey done independently and via Abbey?

Hi Again,

we are looking at having a homebuyers survey done by Abbey...
I can't see how we can move things any quicker. you can't really apply pressure onto the mortgage lender

Thanks again !

rafraf03

inmypocketnottheirs wrote: »

Job references checked, credit references checked, previous lenders checked, electoral roll checked, basically all the things that lenders check on before instructing a valuer/surveyor. The valuer/surveyor is instructed last only once everything else is confirmed.

Hi inmypocket,

is this the case for self-cert mortgage?

thanks for the reply though !

inmypocketnottheirs

rafraf03 wrote: »

Hi inmypocket,

is this the case for self-cert mortgage?

thanks for the reply though !

Well they won't be checking employers references, but one would assume that all the other checks will still need to be made.

Melissa177

Mortgage lenders can take their time. I had my own homebuyer survey done (£250) in addition to the mortgage valuation (which only valued the property, rather than giving me a full survey.

Are you having both done together with Abbey?

rafraf03

Hey Melissa,

I see your point but all the independant surveyors in our area are booked for at least 2 weeks. The only hope we would have would be of a cancellation ...

The survey we have chosen with the lender is a homebuyer which I am assuming is done by the same surveyor (so one survey really). I have just been told that Abbey will be in touch with the surveyor today in the view of booking it for next week. At least some news !



InMyPocket thanks for the extra info.

Thanks !

marybishop

Just for the record you don't have to go with the lender for the survey, you can commission your own independent survey and in that way their is no tie in with the lender at all. As to the EA saying he will put the property back on the market - if I were you I would check with the vendor that this instruction hasn't come from from him/her and if not then I would be getting very cross with the EA as should the vendor. Unfortunately as surveyors we hear this all the time and we have known EA's to tell pork pies in saying that it's the vendor who is pushing when in fact it isn't. Don't be pushed into a corner by the EA - they're only after their commission! The whole housebuying process is stressful enough as it is without the EA adding to it.