Re-valuation time-scale?

Too_Hairy_Husky

Ok, so how long is a piece of string...?

No, really. Our new Solicitor via our Broker forwarded a written request to The Woolwich 16 days ago asking them to re-value the house we are hoping to buy from £249,000 to £235,000. The % we were looking to borrow would hopefully remain at 70% allowing us to retain £5,000 (approx) of our deposit.

We had a "mortgage offer" from The Woolwich yesterday acknowledging that our new solicitor would be acting for us - but the value of the property was still down as £249,000

I spoke to the Broker (L&C) last night and as the mortgage "promise" expires in 13 days time she was going to get her manager to try and hurry things along.

A couple of questions.... does anyone know how long a valuation may take? And, what if it doesn't come through in the next 13 days???

In case anyone was wondering, the £14,000 reduction was because we revised how much of the property we were buying - eg now just house as opposed to house and land.

Thank you x

will789

I suppose it depends on who The Woolwich have instructed to do the valuation and the type of valuation requested.
When I was re-mortgaging I got the name of the company who was doing the valuation from the lender so I could hurry them along as they took ages. Then all they did was what they called a drive by and didnt even stop.