Santander Valuation\Survey taking ages

messyHair

Hi,
We accepted the offer from my buyer who is renting over 3 weeks ago and have yet to hear from Santander (the buyers lender) about arranging a valuation survey. My buyer says Santander (unusually) completes the mortgage approval process before the survey. We are in a hurry to make sure we don't lose the house we want to buy. We have another offer for same price, from someone who has sold. Does anyone have similar recent experience of Santander doing things 'in reverse' and taking ages to do the survey?

Dave_Ham

This is accurate, Santander underwrite upfront and then submit to survey.

Some of the surveys are taking time through Santander at the moment, in particular the surveys being put back on the system for review so think carefully.

This sounds a long time though, so be careful there is not something else in the case.

amnblog

Santander are not doing 'things in reverse'. That's how they do it, why would you value a property (possibly at your cost as the lender) before you decide you want to lend the money.

The most likely situation is that your buyer was slow in getting the information requested to the lender.

messyHair

Thanks for the info. BTW My buyer's mortgage advisor told my estate agent my buyer had paid upfront for the survey to be done on 30th May - 18 days ago...

Thrugelmir

messyHair wrote: »

Thanks for the info. BTW My buyer's mortgage advisor told my estate agent my buyer had paid upfront for the survey to be done on 30th May - 18 days ago...

The fee will be payable on application for the mortgage.

Dave_Ham

Sounds like you are not being told the entire truth and would dig deeper..

Good luck

Squiggly_Diddly

I have just experienced this with my buyers' survey - a month from offer to survey finally being done!! I was being told very similar things to you & we eventually gave buyers an ultimatum to chase Santander & get survey booked - which it miraculously was! They also showed my agent their tracking page which showed they had done all necessary & it was just waiting for Santander. I too was anxious about losing my purchase.