We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Physical valuations

17810121315

Comments

  • Leonberger
    Leonberger Posts: 53 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    Can anyone answer this question for me?

    The property we are purchasing was valued at £225k.
    We have agreed to pay £210k with a 5% deposit of £10.5k.


    Does this mean the valuation has to come back at the valuation amount of £210k agreed purchase price?
    Or does it have to be in excess of the mortgage amount of £200k?

    Its a hard to value property and I’m so worried about a down valuation after all of this chaos :(
  • NDTNewbie
    NDTNewbie Posts: 30 Forumite
    10 Posts Name Dropper
    I’ve told my mortgage broker to hold off my valuation until August. I’m holding off until I’m fully back in work and I’m slightly worried that the market will drop. 
  • anerise
    anerise Posts: 34 Forumite
    10 Posts Name Dropper
    edited 1 June 2020 at 4:49PM
    Mortgage approved!! God it’s been a long wait.
    Recap:
    95% mortgage with NatWest, FTB, pre-COVID offer accepted 4 March
    Application submitted 18 March, valuation originally instructed 23 March
    Approved subject to physical valuation early April
    ...
    Physical valuation 21 May
    Valuation confirmed ok (agreed purchase price) 28 May
    Offer issued 1 June

  • Treshan16
    Treshan16 Posts: 19 Forumite
    Fourth Anniversary 10 Posts
    anerise said:
    Mortgage approved!! God it’s been a long wait.
    Recap:
    95% mortgage with NatWest, FTB, pre-COVID offer accepted 4 March
    Application submitted 18 March, valuation originally instructed 23 March
    Approved subject to physical valuation early April
    ...
    Physical valuation 21 May
    Valuation confirmed ok (agreed purchase price) 28 May
    Offer issued 1 June

    Wow!!! Wop wop!! So pleased for you.  What a long wait it’s been. I had my valuation on Friday last week.. patiently waiting.. 
  • JessJ23425
    JessJ23425 Posts: 117 Forumite
    Third Anniversary 100 Posts Name Dropper
    anerise said:
    Mortgage approved!! God it’s been a long wait.
    Recap:
    95% mortgage with NatWest, FTB, pre-COVID offer accepted 4 March
    Application submitted 18 March, valuation originally instructed 23 March
    Approved subject to physical valuation early April
    ...
    Physical valuation 21 May
    Valuation confirmed ok (agreed purchase price) 28 May
    Offer issued 1 June

    Congrats!!
    Very interesting, Natwest 90%LTV here we had our valuation on the 28th and I was getting concerned we hadn't heard anything back as broker said 24-48 hours usually but I'll be happy to wait a week as long as everything is ok!
  • anerise
    anerise Posts: 34 Forumite
    10 Posts Name Dropper
    anerise said:
    Mortgage approved!! God it’s been a long wait.
    Recap:
    95% mortgage with NatWest, FTB, pre-COVID offer accepted 4 March
    Application submitted 18 March, valuation originally instructed 23 March
    Approved subject to physical valuation early April
    ...
    Physical valuation 21 May
    Valuation confirmed ok (agreed purchase price) 28 May
    Offer issued 1 June

    Congrats!!
    Very interesting, Natwest 90%LTV here we had our valuation on the 28th and I was getting concerned we hadn't heard anything back as broker said 24-48 hours usually but I'll be happy to wait a week as long as everything is ok!
    Note there was a bank holiday in that week! And to be honest, I chased it up directly with NatWest because they weren’t telling my broker diddly squat, that’s how I found out the valuation was ok (ie it could have been back earlier!) And then I had to chase them a second time this morning because the valuation never got automatically flagged to be copied over from L&G’s system to NatWest’s system and if that’s not been done the underwriters can’t look at it. A few hours after the helpful lady on the phone said she’d email the right people to manually flag it up, bam! Offer.
  • Treshan16
    Treshan16 Posts: 19 Forumite
    Fourth Anniversary 10 Posts
    edited 1 June 2020 at 7:20PM
    Just had a chat with Natwest. My valuation was done on Friday 29th and submitted same day. it’s now been uploaded this morning on Natwest system and the report is fine. Happy with the valuation. Now waiting to be final checked by the underwriter then issue offer in 48hours. Fingers and toes crossed.. will chase them up again tomorrow. I seem to be doing the job of my broker. 
  • Giammy85
    Giammy85 Posts: 86 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    My valuation was on Thursday, I called Natwest but was said that report was not received. I called e.surv and L&G and both told me that they had submitted the report on Thursday. I recalled Natwest and lady double-checked and said that report was not transferred from L&G to NatWest’s system. After few minutes she was able to get access to it. It was written that an EWS1 form is required to evaluate the flat as it is in a building above 18m. I emailed EA and was able to get the from within 15 minutes. I have sent it to Natwest, e.surv and L&G. Not sure why surveyor did not ask it directly to EA when he met him on Thursday. 
  • Beckiwf
    Beckiwf Posts: 22 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Thanks guys, my valuation was 27th and not heard anything yet, nothings updated either on the mortgage tracker, so should I call them to find out? It says pending valuation 23rd March, so it's not even updated.

  • anerise
    anerise Posts: 34 Forumite
    10 Posts Name Dropper
    Beckiwf said:
    Thanks guys, my valuation was 27th and not heard anything yet, nothings updated either on the mortgage tracker, so should I call them to find out? It says pending valuation 23rd March, so it's not even updated.

    I would call. My tracker didn’t update at all until the offer was issued- straight from ‘pending valuation’ to ‘waiting for solicitor to send certificate of title’! You’ll get much more specific information if you call them directly.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.