valuation report...how long??

tkel01

all

Im waiting for a valuation report from Leeds BS....valuation done last thursday...how long is the average time it takes?

thanks

Thrugelmir

Depends how busy the surveyor is.

FungalCow

If it's the lenders basic one, I do think think Leeds send it out as standard. If it's the homebuyers report then Thrugelmir is right on that one.

FungalCow

Should have said 'do not think they send out as standard'

ConsumerMatt

You don't get to see the survey carried out by the lender, this is purely for their use, a basic report for them to confirm the house is worth what you have offered to pay.

My lender contacted me to say the valuation survey had been carried out and it was around 1 week later they confirmed all was OK.

Just to reiterate - you do not get to see this survey or know anything about it, besides the fact it's "been done" and whether or not it is fine. It is the lender's survey, not yours. This is why you should have your own survey carried out. Your own surveyor will be open and normally quick about it and you can use this information during the purchasing process (e.g. to negotiate on price if there are problems).

Good luck. In my experience the parts involving the lender were the slowest and most quiet. Waiting for the survey confirmation and then waiting for the final mortgage offer were the longest. From the lender telling me their survey was happening to receiving the offer took around 3 weeks. During this time my solicitor's searches had all been carried out.

tkel01

ConsumerMatt wrote: »

You don't get to see the survey carried out by the lender, this is purely for their use, a basic report for them to confirm the house is worth what you have offered to pay.

My lender contacted me to say the valuation survey had been carried out and it was around 1 week later they confirmed all was OK.

Just to reiterate - you do not get to see this survey or know anything about it, besides the fact it's "been done" and whether or not it is fine. It is the lender's survey, not yours. This is why you should have your own survey carried out. Your own surveyor will be open and normally quick about it and you can use this information during the purchasing process (e.g. to negotiate on price if there are problems).

Good luck. In my experience the parts involving the lender were the slowest and most quiet. Waiting for the survey confirmation and then waiting for the final mortgage offer were the longest. From the lender telling me their survey was happening to receiving the offer took around 3 weeks. During this time my solicitor's searches had all been carried out.

Thanks. I got an update last night that my case has already been to underwriting and once the valuation is done its just final checks so am hoping for an offer next week if they get the report this week. The property is a new build so we havent had our own survey done.

tt07

We've recently used Leeds BS directly and got a copy of the basic valuation in the post, from memory it was around 4-5 working days from when survey was done.

If dealing direct I'd call them up and ask about it, we spoke to the direct team lots and they were excellent at every step of the application through to offer, we will see on the final bit when the purchase completes next month

FungalCow

It varies lender to lender. Halifax will send the basic one, Leeds do on request, Natwest send the basic one out. TMW as well I think. No hard and fast rule about it.