Estate Agent wants mortgage survey asap

MaryNB

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

I had a 35% deposit and was under pressure from the EA to get my mortgage sorted. I applied as soon as my offer was accepted. I didn't actually start conveyancing until after the chain was complete which was just after I got my mortgage offer. 

HNHN

FataVerde said:

I had an offer accepted on a flat and plan to begin with an independent survey so I communicated this to the EA. The EA is fixated on getting the 'mortgage survey' scheduled asap. This house has been on the market before, disappeared when it got an offer, then reappeared two weeks later, which is when I saw it and put an offer. Is it likely there is something wrong with the flat evaluation by the lender? It looks in good condition, in a desirable area, etc. but the EA's insistence on this particular step makes me worry. Or is this typical? I mean I get it that the EA wants things to move fast and me to show commitment, but scheduling the independent survey is a way of already committing money to the process. Not sure why the mortgage insistence. 

|I think it's reasonable to ask that. As soon as my offer has been accepted, my MA submitted my full mortgage application. My lender signed off my mortgage subject to valuation 2 hours after submitting. Mortgage valuation was booked right away for 5 days later and I got my mortgage offer on that day too. So from when my offer was accepted to valuation and mortgage offer received, it's less than a week. I don't see why it cannot be done in that way.

Redwino222

Have you applied for your mortgage?

my buyer used nationwide and it was really slow.  Five weeks before the valuation was booked.  I was getting concerned they couldn’t actually get a mortgage for my EA was pushing them.

it seems reasonable that the EA is trying to keep things moving.  

Tokmon

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

FataVerde

Tokmon said:

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

I was advised to do this by my broker, but my broker also told me the lender will do this very late in the process so I wanted to actually do the survey first then incur legal fees if no major issue showed up in the report. I also searched quite a bit and found somebody recommended. I even got to read a Homebuyer's Report he had written up for a house in the same neighbourhood.

FataVerde

NameUnavailable said:

Maybe they are wondering if the lender will ask for an EWS1 form?

Is the form used just for cladding? This is a Victorian mid-terrace so no cladding.

Tokmon

FataVerde said:

Tokmon said:

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

I was advised to do this by my broker, but my broker also told me the lender will do this very late in the process so I wanted to actually do the survey first then incur legal fees if no major issue showed up in the report. I also searched quite a bit and found somebody recommended. I even got to read a Homebuyer's Report he had written up for a house in the same neighbourhood.

I'm very surprised by that because i went direct to the lender and they did the valuation/survey less than 2 weeks after the application because they need this done before they approve the mortgage. 

FataVerde

Tokmon said:

FataVerde said:

Tokmon said:

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

I was advised to do this by my broker, but my broker also told me the lender will do this very late in the process so I wanted to actually do the survey first then incur legal fees if no major issue showed up in the report. I also searched quite a bit and found somebody recommended. I even got to read a Homebuyer's Report he had written up for a house in the same neighbourhood.

I'm very surprised by that because i went direct to the lender and they did the valuation/survey less than 2 weeks after the application because they need this done before they approve the mortgage. 

How much deposit did you have? I have around 40-50% so apparently they are less serious, but I may be wrong

Thrugelmir

FataVerde said:

Tokmon said:

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

I was advised to do this by my broker, but my broker also told me the lender will do this very late in the process 

Bottom line is that the lender won't grant a mortgage offer until it's performed. The vendor is being left in limbo with regards to their own situation. 

Tokmon

FataVerde said:

Tokmon said:

FataVerde said:

Tokmon said:

FataVerde said:

Some clarification: This is what the EA said so I used their terms "we just need a mortgage survey/ valuation booked in as soon as you you can".

The process was delayed because all solicitors were just too busy until June 30 and the legal pack has not even reached my solicitor. Now that the solicitor has some time, the mortgage broker has left on a one week vacation. But the mortgage broker told me that the bank will do a basic 'survey' very late in the process because I put down 40- 50% deposit. Instead I arranged for an independent surveyor to do a Homebuyer's report for me. This costs me more so it should essentially show more commitment.  That's why I worry that there might be something wrong with the house, but my lender won't be too serious about the valuation because of the high deposit. 

Have you checked to see if the mortgage valuation can be upgraded to a homebuyers report for an extra fee?. I have done this previously and it has worked out cheaper than booking a separate surveyor to do it and they used a local independent company anyway. 

I was advised to do this by my broker, but my broker also told me the lender will do this very late in the process so I wanted to actually do the survey first then incur legal fees if no major issue showed up in the report. I also searched quite a bit and found somebody recommended. I even got to read a Homebuyer's Report he had written up for a house in the same neighbourhood.

I'm very surprised by that because i went direct to the lender and they did the valuation/survey less than 2 weeks after the application because they need this done before they approve the mortgage. 

How much deposit did you have? I have around 40-50% so apparently they are less serious, but I may be wrong

The deposit amount won't matter because without a valuation they won't know how much the house is worth and if they don't know that then they can't calculate the LTV or any of the other figures required to issue a mortgage offer. 
So if your broken is saying that won't do it until late in the process then that means they aren't submitting your application till late in the process.