Valuation Fee

Angelandrea

Can any one tell me if this is corerct;..

Whilest the full application gets processed they require the vaulation fee, but what if the application gets declined do you get money back

Leon_W

Reading your other posts I beleive that you have applied to Northern Rock ?

These guys are in a league of their own where fees are concerned and you really need to have your eyes wide open. Part of their valuation fee is non refundable (£250 from memory) as they charge this for so called "facilitating" the valuation.

Now, if your house purchase and valuation does not go ahead then a proportion of the fee is refunded and they keep the £250. If you find another property then only the balance has to be paid, but I,m pretty sure there is a time limit on this.

It's a little while since I had this scenario with the Rock and it is all from memory but it is worth checking out as I believe there policy is still the same. If anyone knows any different I'm sure they'll add their comments.

Worried

Is it just if the valuation doesn't go ahead you can get the remainder back? If the valuation is done is the whole thing non-refundable, even if the purchase goes no further?

Leon_W

Worried.

Yes. If the valuation is done and the house purchase falls through then there is no refund.

kingkano

The above fees include a non-refundable Application Fee of £75 and £270 in commission which is earned by Northern Rock for facilitating, accepting and assessing the valuation report for mortgage purposes. The commission cannot be refunded once the inspection has been carried out. A valuation cannot be instructed until this fee is paid.

From northern rock site. So I guess 75 is lost if your application is declined?

Leon_W

Thanks for digging that out kingkano. My memory wasn't what it was but I knew there was something in the small print !

Not as bad as I thought but yes, you'll lose £75

Angelandrea

Thanks folks x

MarkyMarkD

Whilst this may be the case with NR, it depends at what stage your application is declined. If, for example, your mortgage is declined because a lender doesn't like your property, then you won't get the valuation fee back because they've already done all the work covered by the valuation fee.