Valuation always required on small mortgage?

Lemonsqueezer78

I'm about 4 weeks in to the sale of my property - not that long, I know. But have yet to be contacted about my buyers lender valuation. Mine was carried out on my purchase a couple of weeks ago

Before giving my buyer a gentle "nudge" to ask how things are progressing, it occurred to me; I know my buyer only requires a 40% mortgage... is there any possibility that his lender doesn't actually require a valuation survey to be carried out for such a low LTV, or does that really never happen?

G_M

They will still do a valuation, but might do a 'drive by' ie he surveor just checks from outside that the property exists and is not falling down.

Penelope_Penguin

Agree with G_M. You can, however, still give your buyer a nudge, as they will have been informed of when the drive-by valuation will be happening, and be informed of the outcome.

Hoploz

When selling an empty ex-rental a few years ago I just had a phone call from the surveyor asking me a few questions about the condition. He never asked for access.

I have done remortgages in the past where nobody has been in to survey.

So basically yes it is possible they might not go in. But do check whether it's been done or not!

ellie27

We have a 35% LTV mortgage but our lender still sent someone out to do a valuation, and they were in the house and we did get a report.

I doubt it is to do with % LTV as a 35% LTV could still be a whoppi£500,000 mortgage! (not ours!)