Private property purchase - get my own valuation?

frangipan23657

If buying property privately, do I need to get my own property valuation before I apply for a mortgage, even though we have agreed a sale price based on their own valuation by estate agent previously? 

Noneforit999

No, you don't need to.

The lender will instruct a valuation anyway and the valuer will be aware of the purchase price.

He/She will either agree with the purchase price being the valuation or disagree. 

gwynlas

yes you are always forewarned of any problems if you have a structural survey and market valuation. The EA will have notified them of a possible sale price wich might be worth more tan the house is worth in order to get the commission and also the EA is unaware of any potential structural faults or local developments which might devalue the house.

canaldumidi

If you are happy with the price ypu've agreed to pay, there's no need.

In due course, your mortgage lender will value the property and you'll find out if they are happy to lend the amount you've asked to borrow.

But be aware the mortgage lender's only real concern is whether, if they repossessed and sold, they could get back what they lent. So hey are less concerned about the 'market value'. That's why so many mortgage valuations come in, not coincidentally, at exactly the price being paid.