Physical valuations

Beckiwf

Just phoned, valuation all fine so should have an offer in the next day or 2.. eek nervous.

JessJ23425

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.

Agree with Anerise above
Our valuation happened on 27th too, as of this morning we'd still heard nothing even though L&G confirmed it was signed off and sent at 4pm on 27th.
Called them this morning to ask and she said it wasn't logged but then opened it up and confirmed the valuation was at offer price - within an hour the tracker was updated! It seems a call kicks it into action.

Beckiwf

Fab thanks, exciting.

Treshan16

JessJ23425 said:

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.

Agree with Anerise above
Our valuation happened on 27th too, as of this morning we'd still heard nothing even though L&G confirmed it was signed off and sent at 4pm on 27th.
Called them this morning to ask and she said it wasn't logged but then opened it up and confirmed the valuation was at offer price - within an hour the tracker was updated! It seems a call kicks it into action.

Hi .. please what was the tracker updated to?. Mine is still saying valuation pending.. even though they have received the report 

Treshan16

My tracker has finally changed this morning.. so pleased.. getting pretty close.. so excited 

Leonberger

Finally our valuation is complete after it was originally requested on the 7th of March!!!!!!

Now to hope and pray the property comes in at valuation and not sleep until it’s back!

idana20

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

I am reading this thread as trying to get an idea of where the valuations are heading at the moment, but reading these posts got me all confused as the majority of posters seem so very happy about getting the valuations at pre-COVID prices?!  I understand it is a relief getting mortgage sorted, but aren't you at least a bit worried about paying pre-COVID prices now when the predictions are these prices will plummet soon? 

I am a first-time buyer as well, with an offer in place since just before the lockdown. Our lender Nationwide is now asking for new valuation due to the market downturn and the property is showing a lower price on valuation sites. This is, of course, giving me sleepless nights, but if the lender doesn't think that property is worth the asking price, should I even consider buying it at that price? Shouldn't I rather be asking the reduction from the seller? 
Am I missing something? If the lender's valuation was to come as lower, why would you still be so keen to buy at that too high a price? 

Lorenzo94

Does anyone have any time frame of evaluations done by Halifax? I made an application on May 7th, and still haven't heard anything about it! And I have also paid the £200 fee for the valuation!

anerise

idana20 said:

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

I am reading this thread as trying to get an idea of where the valuations are heading at the moment, but reading these posts got me all confused as the majority of posters seem so very happy about getting the valuations at pre-COVID prices?!  I understand it is a relief getting mortgage sorted, but aren't you at least a bit worried about paying pre-COVID prices now when the predictions are these prices will plummet soon? 

I am a first-time buyer as well, with an offer in place since just before the lockdown. Our lender Nationwide is now asking for new valuation due to the market downturn and the property is showing a lower price on valuation sites. This is, of course, giving me sleepless nights, but if the lender doesn't think that property is worth the asking price, should I even consider buying it at that price? Shouldn't I rather be asking the reduction from the seller? 
Am I missing something? If the lender's valuation was to come as lower, why would you still be so keen to buy at that too high a price? 

For us, we’re buying somewhere we plan to live for 10+ years at the very least (could well be forever.) So if house prices fall due to the coming recession we’re not particularly bothered as it doesn’t affect us living in our home. We’ve fixed for 5 years as well so a bit of security there, plus we borrowed well below our means so have the ability and intention to overpay to build up equity (just had a small deposit.) So we just wanted the mortgage to go through without a hitch at the valuation, which thankfully it has done.

bell

My tracker updated as valuation provides the required security for the mortgage late yesterday. Offer being issued. Hopefully we will be moved later this month 👍