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mortgage valuation process
want2bmortgage3
Posts: 1,966 Forumite
hi,
when you apply for a mortgage and you estimate the value of the property, is it always the case that the mortgage company sends out a valuer to confirm the value?
i ask because when i bought my flat quite a long time ago now, the valuer didn't enter the property. also they didn't inform me that the lease was shorter than 80 years (hence the value should have been less than was paid).
thanks for any information.
when you apply for a mortgage and you estimate the value of the property, is it always the case that the mortgage company sends out a valuer to confirm the value?
i ask because when i bought my flat quite a long time ago now, the valuer didn't enter the property. also they didn't inform me that the lease was shorter than 80 years (hence the value should have been less than was paid).
thanks for any information.
0
Comments
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It depends on the lender and the loan to value.
Some lenders on a low loan to value case might be happy to work from a "drive-by" but mostly a purchase is confirmed with an internal inspection.
On your leasehold issue, this is confirmed by the solicitor handling the legal work. The surveyor doing the valuation would normally assume a decent mortgageable residual term.
Once the length of the lease was known, it should have been referred back to the surveyor by your solicitor, via the lender, to ensure the property value was not adversely affected.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 -
want2bmortgage3 wrote: »(hence the value should have been less than was paid).
Do you believe that you were defrauded in some way?0 -
There are three ways valuations can be done today:
Desktop : Computer systems assess the value
Drive-by : Surveyor comes round but does not leave the car
Visit : Surveyor comes round and enters the propertyI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
OP bought a flat without checking/knowing the unexpired length of the lease?0
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