Can I instruct survey/searches before mortgage valuation?

Mareland6

Hi all

We have had confirmation that our mortgage application will be accepted, subject only to the valuation.

We are keen to get a move on with the searches and survey.

My question is, do valuations tend to match the offer, and if not, what happens? How often do problems arise from the valuation?

ACG

They tend to value up, but not all the time.
If they do not it comes down to negotiation. If the vendor will not reduce to the valuation, you will either need to stump up anything over and above the valuation/switch to a higher LTV product/find a new lender.

You can instruct the searches whenever you like. But if there is a problem with the valuation then you risk losing that money.

bertiewhite

You can instruct a surveyor as soon as you like - I was interested in a property recently where the EA requested that I had the survey done as early as possible in order to take it off the market.

In the end, the valuation survey highlighted problems that the home-buyers survey raised (almost word for word) so I had to pull out of the purchase. Luckily, my mortgage company carried out another valuation free of charge on the next property I looked at but yes, I did lose money on the first home-buyers survey (£375) although I see that as a welcome warning that I shouldn't have bought the house.

Thrugelmir

Mareland6 wrote: »

We are keen to get a move on with the searches and survey.

Are you prepared to lose several hundred pounds in abortive costs. If the purchase doesn't proceed.

KnowledgeIsLife

I would normally say wait until valuation done and mortgage offer is on the table to avoid any unnecessary costs

novelty-socks

Going through this right now, wasn't keen to get the survey done before the mortgage was approved. Came under some pressure from the agent to get the survey in quickly, but we managed to hold them off.

If you can get an idea of when you're likely to get a decision on your mortgage, a good compromise might be to book the survey in now, but to take place after that date.

Thrugelmir

If you want a homebuyers survey then book this through the lender as part of the valuation. A far cheaper option. Than having both conducted separately. Possibly by the same firm of surveyors even.