Anyone want to join me? Awaiting Mortgage decision...

Levs01

sash_berry wrote: »

Guys,

Sorry but is valuation taking place before the offer?
We are inside 2 weeks wait already but nobody asked about valuation. Do they need to check the house from inside too or only outside?
Sorry its my first house

Depends on the lender. Some will do a drive by but all the ones I've dealt with have been and viewed the property in and out. Takes about 20 mins.

sash_berry

Thank you Levs01,

So it means if they didnt ask for the keys from the agency then valuation is not done yet.

kingstreet

When you apply for a mortgage, you enter access details for the property you are buying.

At some point, a surveyor appointed by your lender is going to call the number you have given to get access for an inspection visit.

You are not going to get a mortgage offer until that inspection has been done and report returned to lender.

Perhaps useful to re-post this here;-

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

Mortgage sub-section;-

AIP
Full application
Documents submitted
Valuation done
Formal offer issued
Certificate of title submitted by solicitor
Completion.

Levs01

sash_berry wrote: »

Thank you Levs01,

So it means if they didnt ask for the keys from the agency then valuation is not done yet.

The agency would normally know if it's been done yet or not. If they haven't arranged it then it probably hasn't happened. Who's the lender?

yessuz

Well, paperwork submitted to Santander via broker (LandC)

95% LTV. FTB. fingers crossed now.

ap1985

yessuz wrote: »

Well, paperwork submitted to Santander via broker (LandC)

95% LTV. FTB. fingers crossed now.

You will be fine I've had a really good experience with L&C.

hammergirl28

So had the decision in principle with HSBC (22% above what we are asking to borrow but given how may problems people have had on here with the difference between the in principle decision and the full offer not counting chickens yet! )

Filled in the online application and have today posted all the documents to HSBC if the valuation comes back at around the value we are paying then we will have a LTV of 53% so hoping everything goes through smoothly. Fingers crossed they wont take too long !

ap1985

hammergirl28 wrote: »

So had the decision in principle with HSBC (22% above what we are asking to borrow but given how may problems people have had on here with the difference between the in principle decision and the full offer not counting chickens yet! )

Filled in the online application and have today posted all the documents to HSBC if the valuation comes back at around the value we are paying then we will have a LTV of 53% so hoping everything goes through smoothly. Fingers crossed they wont take too long !

Good luck with the whole process.

[Deleted User]

Remortgage to get ex partner off the mortgage and deeds!

31/07 Submitted online with Nationwide
02/08 Uploaded all information requested
04/08 Valuation booked for 10/08
05/08 Nationwide declined due to me putting down childcare costs lower than on my tax credit form, I haven't had my new award notice so they have to use the previous income and childcare costs shown on that. They said I needed to go in branch as a longer term was needed and i'd need advise
10/08 Valuation done and ok (yay)
19/08 Resubmitted in branch consultant thinks no issues now and should hear this week
30/08 Offer
21/09 All Paperwork received by solicitor
28/09 Potential completion date :T

My advice, be absolutely sure when buying a house with someone! I'll never do it again i'm only 35 it's more hassle then it's worth :rotfl:

yessuz

yessuz wrote: »

Well, paperwork submitted to Santander via broker (LandC)

95% LTV. FTB. fingers crossed now.

Got news today:

"the case has now been agreed subject to the valuation."

So now, the question is, how much they are going to value the house...

Do they (Santander) do valuation in person, or they use local estate agents, or what is the process?