How long for valuation?

purplebiro

Hi,

I am in the process of removing my ex- from the mortgage. My IFA got me an agreement in principal from HBOS a few weeks ago and I agreed to and paid for a valuation which happened last Monday. The surveyor said it should take no more than 48 hours to come through - it's now a week later and I've not heard anything. My IFA says they may have a bit of a backlog and I don't want to chase him or annoy him by going direct to HBOS. Does anyone have any insight or reassurance?!

Quite a lot riding on this for my future so I'm a bit nervous to say the least!!

kingstreet

You doing a transfer of equity and taking additional borrowing from your current lender, or remortgaging to a new lender?

purplebiro

I should add that I imagine it will have to go to underwriters - the LTV is high, even at the valuation the IFA put on the application, and I don't expect to get that anyway!

purplebiro

Sorry - remortgaging to a new lender.

kingstreet

Ok. So you've made a remortgage application to Halifax or Bank of Scotland. The valuation's been carried out and you have not yet had the results a week later?

I suspect your broker already knows the result and is trying to avoid telling you, or is trying to find an alternative before he gives you the bad news.

The result of a valuation is normally keyed onto the Halifax system within a day of the inspection being carried out, as both their in-house (Colleys) and panel valuers all use the Quest system to exchange data between themselves.

If you are close to your broker's office, you could ask him to show you the case tracking screen on Intermediaries Online as it shows the valuation instruction, inspection and receipt dates.

purplebiro

Well, posting obviously did the trick - 10 minutes later a phone call from the IFA. Unfortunately hte valuation is HILARIOUSLY lower than I wanted (and much lower than it reasonably should be, even in the given market etc) so it's back to the drawing board....