Natwest Valuation Timescale?

JessJ23425

Just wondering if anyone's had a valuation with Natwest recently and what their timeframe was?
Ours has been instructed today but it seems they're much busier than when we had one done a few months back from a previous purchase that fell through.

ftb_1995

Do you have the contact details of the surveyor Natwest is using? We gave the details to the estate agent and asked them to ring up and book to speed things up. The earliest the surveyor could do was 3 weeks away. Formal mortgage offer received 2 days after the valuation.

JJG1984

Mine was instructed on the 30th; nothing has happened for 2 weeks. Broker has launched complaint with NatWest

Nile_E_Coyote

JJG1984 said:

Mine was instructed on the 30th; nothing has happened for 2 weeks. Broker has launched complaint with NatWest

I've just applied with RBS, same company I think.

Did it take long for them to check through your payslips and bank statements etc and be financially ticked off?

JessJ23425

ftb_1995 said:

Do you have the contact details of the surveyor Natwest is using? We gave the details to the estate agent and asked them to ring up and book to speed things up. The earliest the surveyor could do was 3 weeks away. Formal mortgage offer received 2 days after the valuation.

Interesting, no not sure what company is doing it.
This is our 3rd valuation with them and the first two were different companies so not sure.

bbat

The valuation for my sale was carried out by L&G for Natwest. They carried it out within one week of instruction, submitted the report the next working day and the offer was received the day after that. I guess I was lucky/local surveyor had availability. 
This was early September.

kingstreet

LGSS is the panel manager for NatWest/RBS. However, the work will be "panelled" to another surveyor if there is little/no capacity in a particular area. LGSS is 01226 230500. 

tek290

Good timing on this post. I've just seen my mortgage illustration for a 5yr fixed rate with Natwest and the cost of a valuation is £534 which seems extortionate given this is just for lender valuation. Are Natwest open to upgrading this to a homebuyers report or, more preferably, a building survey? 

kingstreet

NatWest doesn't offer a more in-depth survey directly. You can arrange this with the surveyor doing the mortgage report & valuation but you pay NatWest for the valuation only. What's the purchase price or estimated value? £500k to £700k is the price band for £534 fee?

tek290

The purchase price is £625k and so that makes sense and will go ahead on this basis.

My main concern is going to be a potential down valuation given how competitive the market is at the moment in SW London and the fact that the valuation will not take this into account and only use comparable sales in the last couple of years. I'm aware that the price agreed is slightly inflated given the market but any more than a 7.5% down valuation will put me up into the 80% LTV bracket and therefore make the mortgage much more unattractive and probably unaffordable. Let's hope for the best!

Thrugelmir

tek290 said:

 only use comparable sales in the last couple of years. 

Valuation will be very much focused on current actual sales prices and trends.