e.surv survey completed, do i get told the value?

adamandkate

Ive been so worried about the valuation of the house we want as the valuation survey was being done by e.surv and i thought they would undervalue. as we are extremely tight on the LTV I thought this would be the nail in the coffin for our dream home...

well I just got a test saying "your mortgage offer has been issued and posted to you. completion details will be supplied by your solicitor. if you need to get in touch blah blah..."

I logged onto barclays 'track it' and it says valuation approved.

First question which I know may be silly... but does this mean the value was what I've paid or above? if thats so I don't need to worry and it means I can now send round my surveyor to do the buildings survey.

Finally... do I get told the value of the property. As if its higher it would surely mean I can get a better LTV mortgage?

thanks for the help!

Rollinghills

As far as I know the mortgage valuation will only come up as the same as offer price (fine) or below, it will not be above it. It just means that the lender is happy that it is AT LEAST worth the price you are paying (or not otherwise). They probably want to avoid what you mention, ie you getting a better LTV just because they valued your house above offer price.
You can ask for a copy of the valuation but I bet it will show your offer price.
Re building survey it's up to you but yes, of course you can go ahead if you want to do it.

Thrugelmir

adamandkate wrote: »

it means I can now send round my surveyor to do the buildings survey.

Why didn't you use the lenders surveyor? Would have saved you money.

silvercar

Thrugelmir wrote: »

Why didn't you use the lenders surveyor? Would have saved you money.

I would prefer to choose my own surveyor than e-surv. Also not all lenders will quote for a full structural survey and it won't automatically save you money.

adamandkate

They don't offer buildings survey. Only home or valuation.

But even so I wouldn't use the mortgage companies. If rather pay a bit more and get one i know its good who i know its acting in my interests. Not the interests of the bank also.

Thanks for the advice everyone

Thrugelmir

adamandkate wrote: »

But even so I wouldn't use the mortgage companies.

Mortgage companies contract out the work to qualified surveyors.

Not sure what interests of the bank you are referring too. All the lender requires is a professional view of whether the property provides adequate security for the money advanced.

Sometimes its far too easy to over think matters.

nubbins

The OP is right, get a basic valuation completed by the lender and your own survey done privately. I did this recently and the cost of the lenders basic valuation plus private survey was less than lenders Homebuyers. On top of that any issues that are found which are often minor but look worse on the report can be sorted/renegotiated without the lenders knowledge. Having the lender now about relatively minor issues opens a can of worms causing wasted time, hassle and stress.

amnblog

If you pay for a Homebuyers Report upfront with a Lender and then the property is rejected by that Lender you have wasted more than you needed to have done.


It is often smarter to have a standard valuation for Lender's purposes at lower cost. Then when the Lender is happy, you can decide to invest in a more in depth survey in the knowledge that the lending is secure.

Rollinghills

We were offered an upgrade of 200 pounds I think to do a homebuyers report via lender. However I found a non-vat registered surveyor who did a full building survey for 480 no vat. I personally don't think homebuyers report adds much value, especially for an older property a full structural survey would be recommended.

adamandkate

thanks for the advice everyone.

well the good news is the valuation came in at 235k. spot on our offer price. so we can proceed!!

Ive now instructed our surveyor to do a full buildings survey.

so things are going well so far!!

thanks for the help everyone

silvercar

amnblog wrote: »

If you pay for a Homebuyers Report upfront with a Lender and then the property is rejected by that Lender you have wasted more than you needed to have done.


It is often smarter to have a standard valuation for Lender's purposes at lower cost. Then when the Lender is happy, you can decide to invest in a more in depth survey in the knowledge that the lending is secure.

If you have a low LTV it may make more sense to do the independent survey first. We had a LTV of about 35%, so were fairly certain the valuation would be sufficient for the lender. It made sense to get the survey done to see if we wanted to proceed.