Sellers getting valuation done three days before proposed completion date.

Fayem567

Hi, 
Has anyone had experience like this? We’re a week away from our proposed completion date. However, we’ve had no confirmation from the sellers solicitor yet. I spoke to their estate agent today and he informed me that the sellers want to delay completion by at least a week as they’re having another valuation done on the house they are purchasing. This has made us nervous. Is this common or should we be worried? 

[Deleted User]

Have you exchanged?

K_S

@fayem567 If it's a mortgage related valuation, it could be that their previous mortgage offer has expired and/or they are changing lenders to get a better rate. If that is the case then completion will be delayed until after a mortgage offer is received and the minimum necessary conveyancing work on behalf of the new lender is undertaken.

Fayem567

Deleted_User said:

Have you exchanged?

Not yet we were due to this on Monday coming. 

Fayem567

K_S said:

@fayem567 If it's a mortgage related valuation, it could be that their previous mortgage offer has expired and/or they are changing lenders to get a better rate. If that is the case then completion will be delayed until after a mortgage offer is received and the minimum necessary conveyancing work on behalf of the new lender is undertaken.

K_S said:

@fayem567 If it's a mortgage related valuation, it could be that their previous mortgage offer has expired and/or they are changing lenders to get a better rate. If that is the case then completion will be delayed until after a mortgage offer is received and the minimum necessary conveyancing work on behalf of the new lender is undertaken.

K_S said:

@fayem567 If it's a mortgage related valuation, it could be that their previous mortgage offer has expired and/or they are changing lenders to get a better rate. If that is the case then completion will be delayed until after a mortgage offer is received and the minimum necessary conveyancing work on behalf of the new lender is undertaken.

K_S said:

@fayem567 If it's a mortgage related valuation, it could be that their previous mortgage offer has expired and/or they are changing lenders to get a better rate. If that is the case then completion will be delayed until after a mortgage offer is received and the minimum necessary conveyancing work on behalf of the new lender is undertaken.

We’re not sure the reason behind it. They’ve proposed another potential completion date in two weeks time. We’re not sure if it could be done that fast if they were looking to change mortgage? We’re a bit concerned they’re having second thoughts on the house they are buying as we haven’t exchanged yet, 

K_S

@fayem567 If their requirements and circumstances are straightforward, they could have an offer in a few days after application. Most of the conveyancing will already have been done. If there are a few bits additional/specific to the new lender, that may take a few more days. So in theory, 2 extra weeks *could* well be sufficient.

RelievedSheff

They may not be changing lender. They could just be getting the house revalued with the lender they have their current mortgage offer with. We did this to get a better mortgage rate as the house had increased in value in the four months since our offer was produced which put us into the next LTV bracket.

lonibra

Unless you are in a super hurry it's nothing necessarily to worry about. As KS said, if it's a new bank it may take a couple of extra weeks which is what they've asked for. Rates have gone down a lot since a few months ago so they probably just want to save some money.