Mortgage valuation / survey fees

topcat007

hi,

Does it work with the lender you pay valuation fee first and then you can pay the survey to be done?

I do not want to end up paying for the survey if the price i have offered /which has been accepted by the seller is below the valuation of the property by the lender as i might not be able to afford the extra on the deposit to meet the LTV.

Help appreciated

ACG

You have to have a basic valuation carried out by the lender. Usually with purchases you have to pay for this at application stage.

If you want a homebuyers report or building survey some lenders offer this, but it will be carried out at the same time as the valuation. You can alternatively take that report out with a surveyor of your choice after the valuation has been carried out.

topcat007

ACG wrote: »

You have to have a basic valuation carried out by the lender. Usually with purchases you have to pay for this at application stage.

If you want a homebuyers report or building survey some lenders offer this, but it will be carried out at the same time as the valuation. You can alternatively take that report out with a surveyor of your choice after the valuation has been carried out.

Thank you very much for your kind help

What is the normal in your opinion do a lot of people find their own surveyor once valuation has been carried out?

ACG

I think most people either just do the basic valuation only or do it all through the lender if possible - more for ease than anything else.

nubbins

I always get a basic valuation with the lender and my own survey done seperately. You will find the majority of homebuyers reports come back sounding worst than they really are as a backside covering exercise for the surveyor. If the lender gets hold of that report then it can open up a can of worms and cause delays.