Mortgage Valuation woes

flinko

Hi all,


We're currently in the process of buying a house but the time taken to complete the valuation (arranged by mortgage company) has been so long that the vendors have put the property back on the market.

It's maybe a more complicated valuation than normal as part of the garden is leased from a 3rd party.

Here's what's happened so far...


28th Sept - Valuation occured.
2nd Oct - chased and told that report would be issued within 24hours
8th Oct - info regarding lease requested and responded to same day
31st Oct - requested info regarding length of lease (despite them having the lease doc on 8th Oct). Responded same day (its a rolling lease and therefore can't be used as part of the valuation understandably).

4th Nov - requested land registry info to ascertain exactly which part of the property was the lease applying to, and which it wasn't. Responded same day again. Although, surely they would either have this info already or should have requested it at the time of valuation??



There's now no insight as to what they will ask next or how much longer this will take. Do we have cause for formal complaint or is this timeframe normal in these circumstances? The valuation was undertaken at a cost of £299 to us but we are in grave danger of losing the purchase and therefore that fee due to the time taken so far. Any advice welcome!


TIA

Thrugelmir

Surveyor works for the lender not you. Although you are paying the cost on the lenders behalf. The missing part of the jigsaw is the communication between the lender and the surveyor. Which you wouldn't be party too.

Lender isn't to advance money to purchase on a whim.

Sellers will more than likely encounter the same set of problems in remarketing the property.

flinko

Thrugelmir wrote: »

Surveyor works for the lender not you. Although you are paying the cost on the lenders behalf. The missing part of the jigsaw is the communication between the lender and the surveyor. Which you wouldn't be party too.

Lender isn't to advance money to purchase on a whim.

Sellers will more than likely encounter the same set of problems in remarketing the property.

Yeah, I understand that but doesn't it smack of incompetence (on behalf of the Valuer(s)) the amount of time it's taken and the queries raised (weeks after they should have been)?



If there is no timeframe that it has to be completed by then I want to become a valuer and sit on my hands all day everyday with no recompense. Sounds great.

Finchy2018

One thing worth thinking about is there is often a chain to actually get to the surveyor. The lender will instruct a company such as Countrywide for example, who have their own surveyors but also outsource to others. If it goes to one of the others the requests take longer purely down to the amount of people it has to pass through.

Surveyors aren't given all the information that you give to a lender, they just don't pass it on, so you end up being asked for stuff that has already been provided to one party but not made it's way along all the channels.