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Valuation 5 weeks into the process?
Jenny.W
Posts: 164 Forumite
When we had our offer accepted and then spoke to our lender to get our application under way, the survey was carried out the following week. During this same time we accepted an offer on our property and I've just had a call to say that they want to do the valuation next week.
Is it quite normal to have them done now as it feels late?
Is it quite normal to have them done now as it feels late?
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Comments
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Not sure I understand the question.0
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Could it be they have been held up on their mortgage application? Our valuation was carried out 5 weeks after we'd had our offer accepted because we'd had trouble with our mortgage application.
I wouldn't worry, as long as it's getting done
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Sorry, I'm confused.
This is the valuation for your purchaser's mortgage? It's taken a while?
We have no idea when the application was submitted and the surveyor's workload, so difficult to do anything but speculate.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Sorry, I'm confused.
This is the valuation for your purchaser's mortgage? It's taken a while?
We have no idea when the application was submitted and the surveyor's workload, so difficult to do anything but speculate.
Yes that's correct. Our purchasers valuation. It will be 6 weeks when it's carried out. I was always under the impression they were one of the first things done when the mortgage is applied for?0 -
Yes that's correct. Our purchasers valuation. It will be 6 weeks when it's carried out. I was always under the impression they were one of the first things done when the mortgage is applied for?
We had to wait for ages to get my credit file sorted before the mortgage application could happen.
This took 4 weeks then they could get the valuation done. So perhaps your buyers have been trying to sort out a mortgage issue.0 -
It's possible they had issues to resolve before they could apply, or they decided to ask for the valuation to be held until the lender was happy with all aspects of the application before instructing the valuer.
The good news is, either way, the case should be offered quickly after the return of the valuer's report if that is what has happened.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If you were saying it was 6 weeks and the Valuation had still not been done/scheduled, I would understand your concern.
But the Valuation is being done. Be happy!
edit: see this post:
https://forums.moneysavingexpert.com/discussion/4649495
:rotfl:0
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