What does this mean on valuation report?

77588p

We have just had a valuation come back for our remortgage and it states 'Legal adviser to cofirm that adequate access arrangements and repairing covenants exist in respect of the matters considered essential for mortgage purposes'. Does anyone know what this means? We moved into a new build in 2015. Is the surveyor giving the solicitor instructions or is he just saying that he isnt the one checking for those? Will the solicitor see this report?

Thanks all

Lilla_D

It's quite standard for a valuer to say things along the lines quoted above. It just means that he isn't the one checking these matters. The solicitor has detailed instructions from every lender about what to check (it's in the CML Handbook) and they do receive a copy of the valuation report as well.

In your case, the property is still within the initial 10-year warranty period, so the line quoted basically means that the solicitor will have to check that an appropriate warranty (for repairs) is in place. It's normally an NHBC warranty, but sometimes it's from Zurich or from the architect.

77588p

Thank you for your reply. Thats reassuring. So for a remortgage will they be doing all the searches etc again?

davidmcn

77588p wrote: »

So for a remortgage will they be doing all the searches etc again?

They'll be doing whatever searches the lender wants them to do. But as a minimum they'll be checking the title anyway, so the comment on the valuation is pretty meaningless. If your title was fine when you bought, then it will (almost certainly) be fine for your remortgage.

Thefutureisbright

Can anyone explain the following which is on our valuation report:

Current Market Value: £170,000
Projected Market Value (90 days): £165,000

What value is the property actually being valued at? (£170k was our accepted offer)

Many thanks!

kingstreet

If they had to sell the property on a 90 day forced-sale basis, that's what they'd expect to market it for.