Bank Valuation

sandman978

Applied for a mortgage on Monday and got a fee free valuation, I asked if I could pay the difference and have a home buyers survey, they have come back to me today and said the valuation is purely for them and will not be released to me.
Is this a common thing? Seems slightly bizarre to me why both the bank should pay for a valuation and then expect me to pay for my own valuation. I do appreciate my home buyers report is overkill for the banks needs but if I wanted a simple valuation then I would have to pay for my own as well as the bank paying for one.
Anyone else experienced the same and managed to get the mortgage provider to see sense and a) let me see the valuation report or b) let me extend to a home buyers.
My sister is currently buying a property and her provider has let her do this. Have I missed what the 'valuation' the mortgage provider is doing actually is?
Any input would be great, even to tell me I have completely missed the point!
thanks!

Thrugelmir

The report the bank is going to receive is a pared down version. Which probably won't go into much detail. Yes , you are getting a free valuation. However the lender is minimising the cost it incurs.

Katekoom

I think this sounds a little odd. We went through halifax and they did a valuation (which we paid for) plus we made up the difference to get a survey done at the same time.

The bank got an electronic notification of the value and we got the full docs including survey.

It might be worth contacting the lender and seeing if they can advise you who their valuation people are, then you could contact them directly and ask if they do surveys simultaneously.

eddddy

sandman978 wrote: »

...
Anyone else experienced the same and managed to get the mortgage provider to see sense and a) let me see the valuation report or b) let me extend to a home buyers.
...

Hi sandman

Lenders don't generally let you see any valuation report, but the lender will tell you the actual valuation figure.

Most lenders let you upgrade to a home buyers report, it might be worth double checking.

But... the lender is probably uses a national firm to do their valuations. You might get more insight from instructing a local RICS surveyor - perhaps one that works with an EA business as well. He/she could give you a better idea of value, 'resalability' etc based on local market knowledge.