Selling flat: buyer's lender's valuer has been - when will we know?

withaspritz

Hi all

Buyer's lender's valuer came yesterday to visit the flat we are selling.

He indicated no issues, but when will we know for sure if the mortgage valuation isn't a problem? Or is it just a case of no news is good news and proceed as planned?

Reasoning is that the buyer's solicitor is asking for leasehold management pack to be purchased, and I'd rather not buy it until we have a more certain feeling that the valuation isn't going to be a problem with the buyer's lender.  I was thinking if I've heard no quibbles within a week of the valuation, that's a level of certainty enough to warrant coughing up a few hundred on a leaseholder pack right?  

Happy to be corrected if people think I am being too risk averse and should just go ahead regardless? Just don't want to add unnecessary costs if the valuation fails and the sale falls through

blue_max_3

If you're selling, it needs to be done anyway.

AdrianC

Which is more important? Time or cost?

Why do you think a downvaluation is likely, given the surveyor "indicated no issues"?

withaspritz

AdrianC said:

Which is more important? Time or cost?

Why do you think a downvaluation is likely, given the surveyor "indicated no issues"?

Honestly, I think the flat is fairly priced, it sold very quickly (within 2 weeks of going on the market) and we had numerous offers at asking, we went with the one who had the highest LTV.  I just keep reading that valuers are knocking off a standard 10% due to covid, and maybe I'm worrying too much, but wanted to have a bit of certainty.  But I take the points above, the pack needs buying anyway.

steve866

I had a NatWest valuation on Monday and got my offer on Tuesday 

Flugelhorn

I think if there is an issue then the agents will be in contact with you in a few days to discuss, I am selling and the survey (personal, no lender) was 2 weeks ago - reckoned if there was a problem we would have heard within a few days 

AdrianC

withaspritz said:
I just keep reading that valuers are knocking off a standard 10% due to covid

Cobblers.

NQManchester

As a buyer I went through a broker and didn’t actually find out the valuation had happened until a week after via the sellers requesting an update. I’d been chasing from my side so the info might take a while to get back to you. 

I was worrying about a down valuation in the current climate and it came back fine.

withaspritz

Thanks for the replies all! I guess maybe in a few days I'll chase the estate agent as they should be interested in knowing the outcome too!