Valuation

Budgie85

Hi
We put an offer in on a property and it's been accepted, we put the mortgage application in on Thursday and the estate agent rang yesterday to say the surveyors have arranged the valuation, is this normal before the mortgage has been approved.

ACG

Yes, the mortgage will only get offered if the valuation comes back ok.

Budgie85

Thank you for your quick reply

andrewp35

That was quick! what bank did you use?
well we put a full application in with Natwest on the 21/02 after having a AIP from them.My MB said the survey should of been booked with money taken out etc by 28/02 but it still hasn't,really starting to worry whether its been declined or not?

joe427

andrewp35 wrote: »

That was quick! what bank did you use?
well we put a full application in with Natwest on the 21/02 after having a AIP from them.My MB said the survey should of been booked with money taken out etc by 28/02 but it still hasn't,really starting to worry whether its been declined or not?

Hi Andrewp35, take a look at this thread

https://forums.moneysavingexpert.com/discussion/4711931

There are 3 others, including myself that put in full applications with Natwest on 22nd/23rd and awaiting valuation stage. We are hoping for it next week. I was told there was a 2 day delay and should get an answer whether its going to valuation on Tuesday next week. My MB put mine in on 22nd. No money taken out of my account yet for surveys.

andrewp35

thanks, Atleast were not the only ones in the same boat hopefully will hear some good news by tomorrow afternoon or by weds at the very latest.Its driving me round the bend waiting for the answer!

Thrugelmir

Depends where you live. With the reduced level of activity since the boom years. There are fewer surveyors to perform valuations.

andrewp35

I see what your saying but would of thought there were quite a few around Oxfordshire.

Thrugelmir

andrewp35 wrote: »

I see what your saying but would of thought there were quite a few around Oxfordshire.

457,000 less residential property transactions in England in 2013 compared to 2007.

So not surprising headcount has fallen.

Dave_Ham

It massively depends upon lender, in addition Natwest only instruct the valuation when they are entirely satisfied with the entire case and some lenders instruct upon application.

2 schools of thought on whether you want the valuation fee protected or not, to the Natwest followers you can write to them (well through a broker you can) to progress to valuation immediately but knowing if declined or not proceeded you are likely to lose this valuation fee.

Budgie85

I'm with aldermore bank, so there process must be to get the valuation done straight away.