Building survey + Mortgage valuation, should i get my owner valuation report?

Meticulous

Hello,

FTB here.

I am in the process of purchasing a house, and have just had a building the survey carried out (waiting for report).

I know the mortgage lender will commission a valuation report, but I am wondering whether I should request my own valuation report.

Can i rely on the mortgage valuers report to indicate whether the purchase price is reasonable, or should i commission my own report? I think I may be overpaying a bit, but also do not want to scare myself.

Any advice appreciated.

LateStarter

The mortage valuation simply tells the bank you're not paying above the odds, and they'll get their money back if they have to repossess. If they don't agree with your valuation, there's precious little you can do.

There is absolutely no point in you getting another valuation report. What would you do with it - try to beat the price down? What if the seller says no? That way lies madness. Hopefully you've found a house you like, at a price you (and the seller) are comfortable with. That's the only real value that matters.

Meticulous

Thanks LateStarter, I guess if I am being crazy on price, the mortgage valuation will pick up on this.

stator

Which type of survey did you pay for?
Home Buyer's Report?
Full building survey / Structural Survey?

The mortgage valuation should give you a good idea that the price you are paying isn't too silly. I wouldn't get a separate valuation done but you definitely do need one of the other surveys above.

Meticulous

Hi Stator,

I have had a building survey conducted (obviously not including a valuation).

Thanks.