Mortgage valuation without entering property

hansenmork

My buyer went in to apply for his mortgage just over 2 weeks ago and was contacted soon after to pay for their basic valuation.

I spoke with the buyer over the weekend when they came for a 3rd viewing and they have been told by their solicitor that he has recieved the mortgage offer at the back end of last week.

Great news but no one has contacted me about carrying out a valuation and im the only person with access to the house.

Im assuming the solicitor has it wrong but can this happen. Id imagine its not procedure but could there be a lazy surveyor doing the rounds?

dj1471

Drive-by valuations are pretty common.

comeandgo

I don't think any valuations I've had done involved actual entry to the property. I suppose it may depend on age of property? All ours have been under ten years old.

dj1471

comeandgo wrote: »

I don't think any valuations I've had done involved actual entry to the property. I suppose it may depend on age of property? All ours have been under ten years old.

Nationwide have a checkbox as part of their application to specify if the property has any significant alterations that aren't visible from the road, presumably other lenders do the same. Hopefully this means they will actually go inside, otherwise they don't bother.

hansenmork

Thanks for the replies. It's a 1930's end terraced with a conservatory added to the rear. So maybe it has all gone smoothly.

Thrugelmir

hansenmork wrote: »

Thanks for the replies. It's a 1930's end terraced with a conservatory added to the rear. So maybe it has all gone smoothly.

Have you spoken to the Estate Agent?

hansenmork

Thrugelmir wrote: »

Have you spoken to the Estate Agent?

I haven't yet but I am in contact with the buyer.


I was going to get in touch this week to get confirmation but was just curious to see if this sort of valuation actaully happen.

vw100

Could be a drive buy valuation, and if the house from the outside seems in good order at the opinion of surveyor, then that will satisfy the lender for the valuation report.

wrkactjob

Isn't there a chance the house could have serious structural problems that can not be seen by "driving by"? How can you provide an accurate valuation on that basis?

Just curious!

dj1471

wrkactjob wrote: »

Isn't there a chance the house could have serious structural problems that can not be seen by "driving by"? How can you provide an accurate valuation on that basis?

Just curious!

That's why lenders make you take out buildings insurance.

vw100

Valuations are just property valuations and not their to detect faults in the property. Building insurance will cover that as one other poster mentioned. Normally valuations are based on similar property's being sold in the local area in the last year or so , give or take a -/+10-20k or around that figure for new kitchens, bathrooms etc. Usually with a drive buy valuation, the surveyor will go with the estate agents asking price in combination with recent sold property's in the local area. So a drive buy valuation can be provided from the road without having to enter the property.