Nationwide mortgage “valuation”?!

No41edwardianhouse

So our buyers are applying for a mortgage through nationwide. The valuation was completed today. I say valuation as the surveyor told me it was a “risk assessment” visit and he does things like check the house is good enough for the bank to hold as an asset. Eg no subsidence etc. He looked round the house, checked electric cupboard, boiler, took loads of pictures, asked the age of the property (1780) and then said that it should all go through fine. He said he will send it all to nationwide then they will look and complete a valuation. Never heard of such a thing before! 

Is this actually a valuation or what have nationwide instructed him to do? 

Slightly confused 

hangryconsumer

I would like to hear others' experiences on this kind of thing with "valuations". When I sold my first property the buyer's lender sent round this really horrible bloke who took pictures (which I wasn't expecting) and was really rude to me on the phone the previous day when I rang to find out a more accurate time of arrival as they'd just expected me to wait in for hours, which is not really acceptable. Is this a standard thing for all lender's valuations or just a Nationwide thing?

No41edwardianhouse

It was the most odd thing! I really didn’t expect them to take photos for a valuation - hence I asked him if he was doing a home buyers survey. He simply replied “no”. He also turned up very late and was found wandering around outside because he hadn’t been given the number of the house. Very very random! 

flashg67

I believe it depends on what the buyer has requested, If they only booked a valuation, what you've experienced is probably it - mainly for the lender to assess the value, rather than highlight any issues etc. As a buyer I've seen these reports - usually at most one page with just the basics. We sold and bought during covid and we never saw anyone come to our house to value it -'desktop' or 'drive by' valuations seem to be common now

No41edwardianhouse

I’m just not sure of what all the photos were for?!? A valuation is just that - you value the property - what are the photos for? 

Thrugelmir

No41edwardianhouse said:

I’m just not sure of what all the photos were for?!? A valuation is just that - you value the property - what are the photos for? 

Might have a few valuation jobs that day. Report writing follows at a later time. 

user1977

Thrugelmir said:

No41edwardianhouse said:

I’m just not sure of what all the photos were for?!? A valuation is just that - you value the property - what are the photos for? 

Might have a few valuation jobs that day. Report writing follows at a later time. 

And it helps to evidence that they did actually visit and what the condition of the property was at the time.

No41edwardianhouse

So are we saying it wasn’t a valuation at all? Basically photos and info provided to someone sat at a desk so they can value it?!

kingstreet

A chartered surveyor from a firm on the lender's panel (usually Countrywide if Nationwide mortgage) carries out a "mortgage report & valuation".

This establishes the property is suitable security for the mortgage and the agreed price/estimated value is realistic in the current market.

Software is used to complete the report and forward it to the lender. Photos of the subject property and comparables (recent sales of similar property in the vicinity) will be taken to record the "reasons why" the report conclusions were reached.

No41edwardianhouse

kingstreet said:

A chartered surveyor from a firm on the lender's panel (usually Countrywide if Nationwide mortgage) carries out a "mortgage report & valuation".

This establishes the property is suitable security for the mortgage and the agreed price/estimated value is realistic in the current market.

Software is used to complete the report and forward it to the lender. Photos of the subject property and comparables (recent sales of similar property in the vicinity) will be taken to record the "reasons why" the report conclusions were reached.

Yes. I thought it would be countrywide but it wasn’t. It was “SML group LTD”. I asked the guy if he was doing a home buyers or valuation. He said “property risk assessment”. What on earth is that? He had an iPad and phone and seemed to be putting info into an app on the iPad…

kingstreet

Mortgage report & valuation and property risk assessment are synonymous.

In the industry we strive to avoid use of the word survey so may alternatives have been thought up over the years.

SML, not SDL?