Mortgage delay?

hayleykc

Hello, so just before the cornovirus pandemic started, we sold our house and had an offer accepted. Since then we have had our mortgage accepted, however I'm presuming they won't be able to carry out the valuation on the property we are buying, so my question is, will they find away around doing the valuation or is it just going to have to wait until the worse is over. I'm just wanting an idea of how long the delay might be, I just like to be organised 😭 thank you and hope everyone is well

investipedia

Depending on the house value they might do a google maps valuation. That said if you want to instruct your own surveyor to examine the place you are moving to then you might have some trouble until the lockdown is over.

Mr_P_

I'm in a similar situation (see thread below) I've been told I just have to wait, 3 weeks is the initial time (in-line with Boris saying he'll review the lockdown then).

https://forums.moneysavingexpert.com/discussion/6118988/lenders-surveys-looking-likely-to-be-postponed-until-further-notice/p1

Thrugelmir

The only way to eradicate the virus is to reduce social interaction. The virus can be passed on from touching hard surfaces. That's why businesses themselves are deciding to temporaily shut down. 

timeism0ney

Mine was scheduled for yesterday but now postponed for 3 weeks. I think that's the decision across the board i.e. all lenders currently do just that. I think that as well as responding to health & safety concerns they're also reviewing their approach to valuations in the current market tbh!

Thrugelmir

timeism0ney said:

Mine was scheduled for yesterday but now postponed for 3 weeks. I think that's the decision across the board i.e. all lenders currently do just that. I think that as well as responding to health & safety concerns they're also reviewing their approach to valuations in the current market tbh!

The UK isn't going to resume normal activity at a flick of a switch once the crisis has passed. The effects are going to linger on. 

hayleykc

I'm not actually fussed to getting my own valuation done as the property I'm buying is my mum's, I just know banks require one to lend you the money 🙄 just hoping its all over with quickly so it doesn't cause a huge delay. Obviously I don't want anybody to go and put themselves at risk either lol 

Sncjw

Hang on if you have been given mortgage offer than valuation should have been done laresdy

hayleykc

I know the valuation hasn't taken place as the property I'm buying is my mum's 🤷🏼‍♀️

ConfusedSeller

If they've offered you the mortgage the chances are they've just done an online survey

hayleykc

ConfusedSeller said:

If they've offered you the mortgage the chances are they've just done an online survey

Here's hoping!