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Bank valuation before survey?
murphydog999
Posts: 1,602 Forumite
There have been quite a few below asking price valuation posted recently, would it be prudent to get the bank valuation done before committing to our own full survey?
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Comments
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If you are not using the bank's own surveyor to carry out your full survey (you will often get a discount for doing so) then I think what you suggest makes a lot of sense.0
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Entirely up to you!
* It will slow things down.
* it may be more expensive
* it may save you money if you withdraw0 -
Why would it be more expensive?
We have already arranged for a full building survey, the bank are charging £525 for a valuation and offering a basic survey and valuation for £400 less than our survey, but 1, we are looking to make alterations, and 2, part of the building goes back 200 years with various extensions, so a basic survey won't do.
We have no reason to think it will come back over-valued but it's a bit of a risk when there is £1300 at stake!0 -
One combined survey will almost always cost less than a lender valuation plus your own independent survey.
For a start, there are 2 different people involved, with double the travel time / expenses / time at the property.0 -
What does the bank charge for a combined full survey and valuation?murphydog999 wrote: »Why would it be more expensive?
We have already arranged for a full building survey, the bank are charging £525 for a valuation and offering a basic survey and valuation for £400 less than our survey, but 1, we are looking to make alterations, and 2, part of the building goes back 200 years with various extensions, so a basic survey won't do.
I didn't say it WOULD be more expensive - I said 'MAY'. Until you compare quotes for like with like neither you nor I know!0 -
Wont your lender carry out the mortgage valuation and buildings survey together to save you using 2 different people?£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
LisaLou1982 wrote: »Wont your lender carry out the mortgage valuation and buildings survey together to save you using 2 different people?
Yes, but it's more expensive, by £155.0 -
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