Drive by valuations?

amjad171

Hello

I am in the process of remortgaging from Bristol and West to Halifax through a broke that I have used in the past. I went to see him yesterday to find out about the valuation. The broker said a drive by valuation has been done and when I asked for the valuation report he mentioned as the valuation and legal fees are free with the mortgage a report is not produced and sent to the customer. Now what I want to know is does such a thing like drive by valuations occur for remortgaging and if the fees are included in the product does a valuation report not get sent to the customer?

Many thanks

dunstonh

A mortgage valuation is a simple valuation. Entry to the property is not required. So, what would you benefit from by seeing a report? The only thing you need to know is whether valuation has comein with at least what you needed.

Libra1975

Just as a matter of curiousity how on earth can you do a valuation of the value of the property just by driving by it?

rocky_robin

It's more a basic check, does the property actually exist and is it habitable. They don't need to get an exact valuation more a general one based on the external appearance of the house and then if they're really bothered they'll check the prices/sales of other similar houses in the area to get a rough price.

Normally means they're pretty happy with things and the information you've already provided

homer_j_3

With the statistical details that are available today and if the deposit being put down is sufficient, it will be very easy for a valuer and mortgage company to justify a "drive by"

There are more companies that are doing Automatic Valuations from a computer without anybody going anywhere near the property so this shows you that the level of data that is collated about properties in todays world of the t'inernet and computers!

Leon_W

Also the Loan to Value has a lot to do with the type of valuation carried out on a remortgage.

If the loan to value is only 50% then the lender couldn't really care less if the house is an absolute tip inside. There is very little danger in them losing money if for some reason they had to reposess and re-sell.

If you wanted to remortgage for 90-95% of the value then they are generally more interested in the actual condition of the property and would probably send someone in.

amjad171

Thanks to everyone for all your responces. This has cleared it up for me, now I just wait for the letters from the solicitors.