mortgage valuation

pukkamum

Our papers went into santander on friday, this morning I saw a chap in a suit looking closely at our house from the street, he was across the road at first seemingly looking at the roof and then he walked past the front looking intently at the house.
Is it possible that this is the banks survey, surely they would need to come in?
Or am I about to be burgled!
p.s it is a right to buy so I am living in the house we are buying.

nick12

Drive by valuations are apparently quite common. They check the property is habitable and not a complete wreck just by checking the externals and having a glance in the windows.

They then compare the price with similar properties recently sold in the same area to take a view on whether the sale price is reasonable.

kingstreet

Application on Friday?

Is that what you mean by "Our papers went into santander on friday"?

Valuation on Tuesday the following week? Santander?

I'd be very surprised if it was.

nick12

kingstreet wrote: »

Application on Friday?

Is that what you mean by "Our papers went into santander on friday"?

Valuation on Tuesday the following week? Santander?

I'd be very surprised if it was.

Similar to my situation (application approved and valuation instructed within two days of application), I posted about it in the Santander delays thread.

Something funny going on at Santander!

kingstreet

I can see it being instructed in a couple of days, but actually having a surveyor out within that time is unusual.

nick12

Ok, it just seems they're doing valuations before underwriting applications at the moment which seems odd. Surely the valuation is wasted cost/effort if the application ends up being rejected by the underwriter?

pukkamum

It sounds plausible then?
our broker did say best case scenario 48hrs but not to hold our breath so maybe we might be one of the lucky ones, it is quite a simple mortgage only asking for 55k on a right to buy, also our broker said that if a survey is booked its pretty much a definite so fingers crossed everyone!

dprice

Where you not tempted to pop out and ask him? We would all then know the answer

aylesburygirl

I was once told that in order for a 'drive by' valuation to take place the surveyor is not aloud to get out of the car, it can only be inspected from kerbside......however with the current delays in getting a surveyor to any property they may have changed the rules! I would probably double lock the door tonight just in case!

pukkamum

dprice wrote: »

Where you not tempted to pop out and ask him? We would all then know the answer

My husband said the same! Really wish I had!

Thrugelmir

nick12 wrote: »

Ok, it just seems they're doing valuations before underwriting applications at the moment which seems odd. Surely the valuation is wasted cost/effort if the application ends up being rejected by the underwriter?

Borrowers pay for the valuation.

Unless previously referred won't get to an underwriter before the valuation is in either.