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Valuation
audigex
Posts: 557 Forumite
I'm looking at buying a house from a family member, so won't be using an estate agent (and therefore won't get a valuation from them as part of their fees, as is standard in the area I live at least).
However, I presume the mortgage company will still require a valuation, and it would be useful for us to know that valuation to avoid family tension later. Nobody is intending to rip anyone else off, but having a neutral valuation would ensure that there can be no misunderstandings or mistakes.
Is it standard for me to receive information on that valuation too, or would I have to pay for it? I could obviously get the house valued elsewhere, but if I can get one free that's an extra couple of hundred in the savings!
However, I presume the mortgage company will still require a valuation, and it would be useful for us to know that valuation to avoid family tension later. Nobody is intending to rip anyone else off, but having a neutral valuation would ensure that there can be no misunderstandings or mistakes.
Is it standard for me to receive information on that valuation too, or would I have to pay for it? I could obviously get the house valued elsewhere, but if I can get one free that's an extra couple of hundred in the savings!
"You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."
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Comments
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The mortgage report and valuation done for a lender merely agrees or disagrees with the agreed purchase price you have entered on the mortgage application.
If you want a market valuation, you should contact a chartered surveyor of your choice and have them provide it. The usual cost is around £100 - £125 if you want no report on the condition of the property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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