Is it worth getting an independent valuation after mortgage offer?

okigen

Hi all, my lender has sent a surveyor to inspect the flat and confirmed they are happy with a mortgage offer. They didn't say how much they valued it for, but given they agreed to lend the amount I requested, I assume at least it has not been down-valued. That said, I have 20% LTV, so not sure if this has made their life easier.

My question is, is it still worth getting an independent valuer as part of the Homebuyer report?  Or is it not necessary because the lender's valuation would have been more prudent anyway?

NameUnavailable

Probably not. The lender is happy that the property isn't overpriced and you were happy to offer what you did. What benefit will another valuation offer you? If it came back at say £5K less would you pull out?

Redwino222

I agree you need to be clear why you are doing this.  Are you trying to reduce your offer?  

There have been loads of threads here lately about people making offers then trying to price chip when they get further into the process.  

Do you feel you are paying too much?  We’re you uncomfortable with the bid you made? 

okigen

Redwino222 said:

I agree you need to be clear why you are doing this.  Are you trying to reduce your offer?  

There have been loads of threads here lately about people making offers then trying to price chip when they get further into the process.  

Do you feel you are paying too much?  We’re you uncomfortable with the bid you made? 

No not really, I'm happy with my offer. But at the same time I'm conscious that I'm in love with the flat and love can be blind so would want to ask the wisdom around here about getting a professional opinion for it?

user1977

I would always want one anyway if only as a sanity check. Seems a bit daft to ask a surveyor to come round but not ask them about the value.

MaryNB

I would only consider it if I was buying a house and the lender decided to do a desktop valuation. A surveyor visiting the property might spot evidence of subsidence that a desktop valuation may miss if it's not a widespread local issue. That would have a substantial impact on the value (if not already account for in the price of course).