Physical valuations

bell

Thrugelmir said:

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? 

The major employer in the area (c10k people plus supply chain) is responsible for cleaning up the country's nuclear legacy so whilst the economy will be impacted here, I suspect there will be a much smaller impact on the wages that buy the new builds in this area. Also average house prices in my area are already low (average £165k).

jenks48

bell said:

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. 

I've been waiting since the too..application pending valuation. New build wouldn't do a desktop so more waiting for a physical valuation. When that will be I do not know..with Barclays 

AilieG01

Giammy85 said:

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 does not apply to:

·         Properties located in Northern Ireland, Scotland, and Wales

We are waiting on a valuation from NatWest also. We believed it would be desktop and then on Monday broker phoned and said it was physical as surveyors were back working and L&G would be in touch with vendor.  Going by this, as we are in Scotland the guidelines haven’t changed. Not sure what’s going on. 

anerise

Just a note to say broker has emailed us to let us know our NatWest physical valuation is being carried out today! Mortgage application submitted 18 March, valuation instructed literally the day before lockdown on 23 March then on hold since then. 95% LTV mortgage, approved subject to valuation. Fingers and toes crossed.

bell

anerise said:

Just a note to say broker has emailed us to let us know our NatWest physical valuation is being carried out today! Mortgage application submitted 18 March, valuation instructed literally the day before lockdown on 23 March then on hold since then. 95% LTV mortgage, approved subject to valuation. Fingers and toes crossed.

I'm getting very frustrated with lack of progress on ours. They took payment for our valuation so similar time to you but absolutely nothing since they restarted valuations. Broker is saying they can't chase individual cases and I don't know if its theirs or Natwest problem holding it up now.

Going to have to approach Natwest directly I think to see what's going on 

Giammy85

bell said:

anerise said:

Just a note to say broker has emailed us to let us know our NatWest physical valuation is being carried out today! Mortgage application submitted 18 March, valuation instructed literally the day before lockdown on 23 March then on hold since then. 95% LTV mortgage, approved subject to valuation. Fingers and toes crossed.

I'm getting very frustrated with lack of progress on ours. They took payment for our valuation so similar time to you but absolutely nothing since they restarted valuations. Broker is saying they can't chase individual cases and I don't know if its theirs or Natwest problem holding it up now.

Going to have to approach Natwest directly I think to see what's going on 

Of course, just call Natwest on 0800 0969527 and at least they will tell you by when the surveyor should get in contact with the vendor

JessJ23425

anerise said:

Just a note to say broker has emailed us to let us know our NatWest physical valuation is being carried out today! Mortgage application submitted 18 March, valuation instructed literally the day before lockdown on 23 March then on hold since then. 95% LTV mortgage, approved subject to valuation. Fingers and toes crossed.

Would be interested to know if you heard back yet? If so how long until you did hear about?
Ours is due next week I'm very nervous!

AilieG01

Can you call NatWest and ask them about your mortgage application even if you have done it through a broker? We are in the same boat and haven’t heard anything about a valuation yet. Application is agreed subject to valuation so this is thing we are waiting on. 

kingstreet

NatWest statement today;-
"Further to our recent update on the Government announcements regarding the lifting of some Covid-19 restrictions we have been working with our valuation partners to reintroduce physical valuations for your customers.  As a result we have significant capacity in place to complete the backlog of valuations and expect to have completed all outstanding valuations that are possible within 2-3 weeks.

To ensure we are being fair to all customers we have prioritised the booking process on a date order basis and will work from the oldest submitted application first.  For any new cases we will try and utilise where we can an Automated Valuation or Desktop Valuation, where this is not possible and a physical valuation is required this will also be in date order. Once the valuation appointment is booked, you will receive an e-mail from LGSS confirming the appointment time and date.

As a result of these announcements we have received high volumes of calls into our BDMs and support staff requesting the escalation of valuations. We appreciate this has been an uncertain and unsettling time for your customers and as a result they want to know their mortgages are progressing.  In order to be fair to all customers we would like to reconfirm our approach, that all valuations will be booked in date order and none of our staff will be able to request escalations or exceptions on individual cases. Therefore, we ask you to refrain from contacting us and trust we will work through the backlog as quickly as possible.

Your patience on this issue will be greatly appreciated as we reduce the backlog but we believe this is the most efficient and fair way to approach the current situation."

bell

Spoke to Natwest and our survey was instructed before lockdown so it's seems L&G have held mine up before lockdown and after.

So ill be calling them next