Halifax Valuation

Chloe2017

Hi all,

I'm a FTB applying for a mortgage with Halifax. The valuation of the property was carried out on Friday and I called Halifax yesterday to ask for an update on my application and they said they could see notes saying the valuation was completed and I now need to pay the £495 mortgage fee to receive my full offer. My concern is I don't want to pay the fee to then be told the valuation is lower than the offer price and loose this money.

Does anyone have any experience with a similar situation or do you think they would of told me on the phone yesterday of any issues with the valuation?

Thanks for your help!

nicholbb

Phone and check but may refund if falls through.

http://www.halifax.co.uk/mortgages/mortgage-information/valuation-schemes/


Valuation fee promise

Currently, as a concession, if your house purchase falls through and you go on to start a new mortgage with us on a different property, we'll refund the first valuation fee you paid us – but only if we instructed the valuation surveyor. We'll send you the refund after your mortgage has started.

This concession is available for house-purchase loans and you must be buying the property to live in yourself. We'll only refund a level 1 or 2 valuation fee.

The Valuation Fee Promise may be withdrawn at any time. Before you apply for a loan please ask us if the offer is still available.

Xyzzy

It sounds like the valuation has come back fine but speak to your mortgage advisor, they will clarify, it sounds like its the 'triage' team that you spoke to who have limited access to your application details. The product fee is refundable right up until you draw the mortgage anyway though.

Chloe2017

Thanks for your replies.

Just seen a copy of the valuation and looks fine apart from 'There is evidence of dampness to ground floor walls and timbers in contact may be defective. You should instruct a damp and timber contractor.' Does this mean the offer is subject to getting this looked at or is this more for my own information? We are planning on having a Home Buyers survey report done too.

Thanks,
Chloe

Xyzzy

Oh dear, when an issue like this is identified then sometimes the valuer will not give a 'present condition value' until the report is received and sent to them, in which case you won't get your mortgage until the valuer has seen the report and is happy. Sometimes however they note their concerns but still value the property at the full amount (or just slightly less). I would be careful though, I'd would suggest asking the vendors to get a damp report completed for you at their own cost, it's a reasonable request. You can then consider fully whether you want to proceed, or whether you want them to carry out some work/knock something off the price -don't be shy to ask!