Valuation Backlog?

maddie67

We accepted an offer on our house a month ago, memorandum of sale issued on 4th May. Buyers dont have anything to sell so only a small chain and they said they were keen to move quickly.

We still havent been contacted for a valuation by the buyers lender. EA told us last week its with Santander and they have a backlog, they told her we should hear something this week. I understand there may be a backlog but I dont understand why this would stop a valuation appointment being made in advance, rather than just not hearing anything and waiting.

In the meantime, we have had a valuation and mortgage offer on the house we want to buy.

I made a couple of calls yesterday to EA chasing it up and they were unable to contact the buyers, as yet they havent responded to their messages.

We know from past experience that Santander are not great, but not sure why after a month we havent heard anything from them, has anyone else heard anything about this 'backlog'?

kingstreet

Santander won't be doing the valuation, nor calling for access.

They 'panel' survey work to L&G Surveyors. They may have patchy coverage, or holiday issues in your area so it may be panelled on by L&G to another closer/more local firm.

Thrugelmir

maddie67 wrote: »

I made a couple of calls yesterday to EA chasing it up and they were unable to contact the buyers, as yet they havent responded to their messages.

I'd await the outcome before surmising what's causing the delay.

hazyjo

I think it was a couple of years ago where there were huge delays - maybe around 3+ weeks. Can't remember what caused it. Don't remember last year being bad.


Of course, it may just be that they're not visiting for the valuation. How long have you been there? Has there been much sold recently? How old is the house? Might literally be a drive-by alongside using comparable evidence. They may not be having a survey - or may be having an independent one rather than using the same bod who's doing the valuation.


I've often found EAs make things up on the spot - might be the case. They'll just say they were thinking of someone else. You could always ask your solicitor to try to find out.

Lauralou79

We had to wait ten days for the valuation after we had received our mortgage offer subject to valuation, this time last year. Seemed like forever! It was with Natwest, probably varies area to area too

kingstreet

hazyjo wrote: »

I think it was a couple of years ago where there were huge delays - maybe around 3+ weeks. Can't remember what caused it.

A shortage of surveyors.

The corporates now use MRICS surveyors for lender valuation work and the more in-depth stuff is passed to the ARICS/FRICS graded surveyors so more can be done quickly.

maddie67

Well after badgering our EA again late this afternoon, they promised to try and contact our buyers again. Just before close of business I got a call back from them, saying after still having no luck, they contacted the buyers Mortgage Advisor who said he had also been unable to contact them. He eventually had a reply to his email saying they had split up.

I realise they have more on their minds but it's just wrong to not answer the phone or respond to the EA' s calls. We would still be in the dark if we hadn't pestered the EA, who still haven't been officially told as this has only come 2nd hand from the Mortgage Advisor.

It's all the more annoying as the buyer had been buying another house and the sale fell through because their seller pulled out, they would know better than most to let everyone know ASAP before more time and money is invested. If we had known a couple of days ago we could have cancelled our valuation which took place yesterday, and our seller would not have had to take time off work.

Anyway, that's why we haven't been contacted about the valuation!