Physical valuations

jenks48

Leonberger said:

I’m hoping they are not down valuing based on this! 

Yes that crossed my mind too. Another worry. 

Beckiwf

Looks like L&G are starting up from Monday, but the article says theres a huge backlog.. so at least things are moving again.

Giammy85

Natwest

15/05/2020: Resuming Physical Valuations

 

Following updated guidelines from the UK Government, we are pleased to confirm we are recommencing standard valuations as of Monday 18th May.

 

This applies to:

·         Residential and Buy to Let applications

·         Properties in England only where the occupier allows access

·         Properties where the valuer confirms the property is safe to enter

This does not apply to:

·         Properties located in Northern Ireland, Scotland, and Wales

·         Properties where the occupier does not allow access

·         Properties where the valuer does not confirm it is safe to enter

·         Applications where a Homebuyer’s Report or Building Survey has been requested

We will provide further updates as this changes in the other regions in the UK.

Where we are not able to complete a property valuation in person, the customers application will be placed on hold.

We will continue to work closely with all of our valuers and will be working at pace to progress all applications, prioritising those which are currently on hold subject to a valuation.

Giammy85

Natwest today said that L&G will contact my estate agent by June 1st to book a physical valuation

bs_150617

I presume the desktop valuations that took place will not need a physical valuation, as long as everything was okay with it?

bell

Giammy85 said:

Natwest today said that L&G will contact my estate agent by June 1st to book a physical valuation

I've been told no date as yet. So I've pushed back on my broker as that's not good enough tbh I've been waiting since 17th March 👎

I actually £350 for it too as I had to change property and therefore needed a new mortgage offer, which makes it even more annoying. 

bell

bs_150617 said:

I presume the desktop valuations that took place will not need a physical valuation, as long as everything was okay with it?

Nope if the desktop was carried out successfully then a physical won't be required. 

Mojca799

Valuation of our 5-year-old new build came in at +10% of purchase price... take from that what you will... probably too early to say what the long-term outlook will be....

bell

Mojca799 said:

Valuation of our 5-year-old new build came in at +10% of purchase price... take from that what you will... probably too early to say what the long-term outlook will be....

Plus 10% eh. That eases my worries a bit as mine is also a 5 year old new build. But who knows 🤷‍♂️

Thrugelmir

bell said:

Mojca799 said:

Valuation of our 5-year-old new build came in at +10% of purchase price... take from that what you will... probably too early to say what the long-term outlook will be....

Plus 10% eh. That eases my worries a bit as mine is also a 5 year old new build. But who knows 🤷‍♂️

How will your locality be impacted as we come out of lockdown?