HSBC - Surveyors

lazypanda

Hi All,

I'm new to this forum and a FTB! Very excited to have begun this journey finally after 3 years of scrimping and saving. We have applied to HSBC for our mortgage application and it has been approved yay!
Now, the reason why I am posting here is because I want to know your experiences on how the process has been for you guys? It took us about a week when our MA came back and told us we have been approved.
However, what has been worrying me is the fact that our surveying is taking forever! It has been 2 weeks since our application was approved and we/bank instructed for the valuation on the property. We went for the homebuyers report option as well along with the valuation in order for us to save some time and money but I have read a lot of horror stories about surveyors down-valuing the property a lot in the last year or so resulting in people losing their house. I also looked into the different techniques surveyors use to value the property and it has got me worried as the property we are looking to purchase is the only one on that street being sold at the moment! Its an old victorian house with a lot of room and sq footage which is not seen in other properties currently on the market or even sold in the last year!! It needs work doing and has a lot of new development around the area (new builds and supermarket) taking place but we got the price agreed with the seller with a discount due to that already which makes it a great buy for us! I am very worried that surveyor is just going to look at data of other properties nearby (which are much smaller) and down value it and we will lose it!! I cant believe how wound up I am!

I just wanted anyone here who has gone through the process with HSBC to part with some knowledge and tell me what they found with surveyors? Are they usually very critical and down valuing the properties or do they tend to be ok with the price you as a buyer has agreed with the seller and give 'thumbs up' for the value?
Also, does it matter in the value if its an older property vs new build property? i.e. banks will find it more secure as it has to go up in value? I guess I just want some understanding of the process and not just negative/horror stories...

Please can someone let me know? Thank you so much!

libf

Nothing has to go up in value.

lazypanda

I understand but I'm thinking what bank classifies as a secure investment to qualify for the agreed price.

andyfromotley

you will know soon enough, no use fretting at the mo.

Thrugelmir

lazypanda wrote: »

I understand but I'm thinking what bank classifies as a secure investment to qualify for the agreed price.

A soundly constructed marketable property. Potential costs of refurbishment will be allowed for. Valuations are subjective. So lenders will be looking primarily for over valuations, i.e. the price you are paying. Surveyors will compare this property to others recently sold to ascertain if the price is reasonable. Also taking into account any factors which are impacted by issues in the locality.

Property is not an investment. The land might be.

lazypanda

OK, thank you for your replies! Time will tell....