Who does the valuation - FTB

LawrenceStanley

Hey all,

I'm really struggling to find out who actually does the mortgage valuation for the lender. Is it the actual lender with their team of spies... or is it the solicitor (approved by lender) or surveyor i appoint?

Wondering if i get a full structural survey done will that impact the mortgage valuation...

Thanks for your help

L&B

Thrugelmir

Lender will appoint an independent RICS surveyor from their appointed panel to undertake the valuation. Lenders are expert in finance not property.

From the lenders perspective valuation is to provide assurance that the property is adequate security for the monies being advanced. If you wish to ensure that the property holds no hidden costs for you. Then additional services are worth paying for. After all you are the ones picking up the tab.

amnblog

In England and Wales, the valuer is appointed by the Lender for mortgage purposes.

If you get a structural survey done that does not effect the Lenders valuation.

LawrenceStanley

Someone mentioned to me it is possible to upgrade the valuation to a full report by paying extra which had me guessing...

Thanks for the advice!

amnblog

Some lenders do allow you to pay to upgrade their standard report to include a written report for yourself.

The problem with this is that if the property is not deemed suitable as security by the Lender you have paid for an extra report needlessly.

We feel it’s better to make sure the Lender is comfortable off the back of the standard report, then get a written report once you know the purchase is progressing.