Mortgage valuation

charlotte4940

I'm a FTB and santander have instructed a valuation on the property that we have had our offer accepted on.
Can anyone tell me what this means? The property needs some work doing to it like new bathroom kitchen etc. Will they take this into consideration when they value it or will they literally be looking to see if the property is worth what I an paying? we haven't asked for a survey just a valuation.

Thanks

DpchMd

In my experience it varies.

Some will just drive by, check the property exists and that the price is within an expected range. They don't even go in.

Some will be a bit more thorough, and will tend to focus on structural soundness and non-standard features.

Remember that they are working for you and your lender. If they value the property at less than you've offered, then you should be thankful.

Thrugelmir

A valuation is performed on behalf of the lender (you merely pay the fees). The surveyor will judge whether the property is priced right and whether it provides adequate security for the lender in advancing the mortgage. The surveyor will only comment on factors which impact the properties value. A tired looking but servicable kitchen and bathroom shouldn't matter. Other than in the context of the overall value of the property when compared to recent sales and similar ones on the market.

md87

My new build got valued slightly less but was hardly built at all at the time of valuation. Personally take the valuations with a pinch of salt but it could screw you over if they value too low and you may not be able to get the same mortgage product etc.

charlotte4940

Thanks, I rang the estate agents today to check everything went ahead ok. He said yes HE should have the report by 23rd. Surely it should be me who received the report first seen as I'm the one who's paying for it!
Is this not confidential and it should be me who's sees the report?

Thanks