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Valuation
FreddieFrugal
Posts: 1,752 Forumite
Should we get a copy of the standard valuation report done by the lender? Lender = Nationwide. Didnt pay extra for homebuyer's survey or anything.
Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)
Savings target June 18 - £22,281.99 / £25,000
Savings target June 18 - £22,281.99 / £25,000
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Comments
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The Valuation report is for the vendor and belongs to them. Not you.
Some lenders share them with you, but they don't have to.
It is merely a report to ensure the property is worth enough for the lender to risk giving ou £X00,000 - may say nothing about the property's condition, or what repairs might be needed.0 -
Nationwide doesn't provide a copy of the mortgage report & valuation to the purchaser, but if you have a good broker, they can usually get their BDM contact to get a copy issued.
TBH this is a PITA on HTB - EL cases as the solicitor needs a copy and we have to ask for it to be done manually, in each case.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 -
It says very little. However, if you contact the individual at the Nationwide who is dealing with your application, they should be able to e-mail you a copy. (I wanted to see mine, out of curiosity. They wouldn't send me a hard copy but were quite happy to e-mail a pdf. it sets out the address, type of property, approx. year built, number of rooms and value (which will be no higher than the agreed price)
It isn't a substitute for a proper survey (I had a full survey on the property I was planning to buy (purchase fell through) The valuation didn't flag up that there were issues with the roof (as in, it needed to be reroofed urgently) dangerous wiring, or a potential issue with the way the extension had been tied in to the original house (the sale fell through before I was able to get that one investigated properly)All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Thanks. Not desperate to see it just curious a to whether we'd be sent one. They found it satisfactory so that's all that really matters, process continuing.Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)
Savings target June 18 - £22,281.99 / £25,0000 -
I called Nationwide and they emailed mine.0
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The point we ar all making is that just because "They found it satisfactory" does not mean you would find it satisfactory if you read a proper survey report.....
The property is still very young, and we did a very thorough inspection ourselves along with family members who have a lot of experience with buildings/maintenance and repairs due to their employment. There was only one thing that we spotted wrong with the house which was the tiled flooring in the en-suite and how the flooring had been sealed before the tiles were put down. Some tiles were slightly raised. We'll have these up and inspect fully once we've purchased. But we wouldn't have found out anymore than we already knew from a seperate visual inspection and no point adding survey cost to the cost of sorting that problem out.
Only reason I asked about valuation was whether it had accuràte information that I could use to do Home insurance quote. Will I get something later down the line? I.e. from solicitor? Houses age etc.Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)
Savings target June 18 - £22,281.99 / £25,0000 -
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Not really at all. Just the valuation! Though mine was a New Build so not much to mention.0
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