Valuation

Worried

How does the booking in of a valuation survey work? We're just having the valuation done by the lender, we will be arranging own full structural. Once our application goes in, if all is ok will the lender's valuer contact EA to organise a time to go to house and value? Will our IFA be informed?

wardlaw

Hi Worried

The lender will instruct the valuer who will then telephone the seller to make an appointment to carry out the survey

Depending on the valuers work load and the seller being available it can be carried out in say 48 hours ,although there is no set time scale

The valuer ,having carried out the survey ,will then report back to the lender

Sometimes they convey a "verbal survey" over the telephone, prior to submitting the written Report

The results will then be conveyed to yourselves and possibly your IFA and yoiur Solicitor acting

Worried

How does the EA know that the survey date has been booked with the vendor then? Does the Valuer go through the EA to contact the vendor? We are being told property won't come off market until valuation is booked in with vendor, but how will we and how will the EA know when this has been done?

wardlaw

A Right

The Valuer Will Book A Time To View The Property With The Ea As He Will Have All The Contact Details

He, The Ea, Will Liase With The Seller And Get Back To The Valuer With A Time And Date To Call

Worried

How can we know when the survey has been booked in, so I can make sure the marketing of the property ceases. Will our financial Advisor inform us, or do i need to keep checking with the EA?

dexters_mum_2

I assume from your post your are purchasing a new property.

As wardlaw said, the surveyor will contact your EA and ask them to pencil in a time for them to value your proposed purchase. The EA gets in touch with the vendor and ensures everything is ok for that date/time.

The surveyor normally goes in unaccompnaied to the property, or the vendor will be at home, it is not normal policy for the EA to accompany the surveyor unless at vendors request.

The surveyor will undertake the survey and then ask both the EA you are buying from and some other locals to provide anything up to 5 comparibles for price in the area, which they have to do.

They will pass the report your to mortgage company then.

If you want a full survey done too, check with your EA when your valuation surveyor is going in, you may be able to arrange for your sturctural surveyor to go in on the same day.

dexters_mum_2

Worried wrote: »

How can we know when the survey has been booked in, so I can make sure the marketing of the property ceases. Will our financial Advisor inform us, or do i need to keep checking with the EA?

Ask the EA to inform you.

Worried

I know I'm sounding simple, but not in a simple situation. We are being put in a position where there are two equal offers on the table. It is a race for first to get valuation booked in. I do not trust the estate agent, so this is why I am asking if my IFA will get to know when valuation is booked in also, but I guess not if it's booked directly between the valuer and the EA? We don't want full survey to go in at moment, as vendors have not found a place to buy, so this will have to go in at a later and separate date, although I know this is unusual, but this is a crazy situation!

dexters_mum_2

No but also offers shouldn't be based on a first to value basis, I think if there were 2 offers on the table, it should go to sealed bids. Is your EA part of the NAEA (National Association of Estate Agents), if so, you migt want to pick the NAEA's brians about the EA's conduct.

I know when hubby has has 2 equal offers and 2 people in the same position to buy, they have had to go to sealed bids.

What the EA is doing here is not normal practice I am sure and I personally (from several hosue sales and purchases) would be questioning why you have both (you and other prospective purchaser) have been asked to proceed to valuation if no offer has been accepted.