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I don't think you understand my point.
I get all of that. I'm saying that even if they think it's worth 250, why would they potentially scupper a mortgage sale
When all they need to recover is 145? They'll just tell us they think all is well, sale goes through and voila they get theirs money. I can understand them being more wary if they were lending 90% of the sale price etc.
I just corrected you on your assumption that the bank would overlook something on a survey (in the interest of profit), which is done by an independent third party and not the bank. Your right it's less likely to put you in a position where you can't proceed given the low LTV (this was new information not in post 7). But it doesn't make the process any less impartial. And they don't lend based on sale price. They lend based on valuation."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
I just corrected you on your assumption that the bank would overlook something on a survey (in the interest of profit), which is done by an independent third party and not the bank. Your right it's less likely to put you in a position where you can't proceed given the low LTV (this was new information not in post 7). But it doesn't make the process any less impartial. And they don't lend based on sale price. They lend based on valuation.
Would the same person conduct the valuation and the building survey? We are trying to work out the most cost effective way to achieve the same outcome as currently the bank's valuation costs £263 in addition to the full survey (from someone else) at £895. However, the bank's full survey is £797, which I assume would include the valuation.0
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