Lender valuation with offer extension

atlasmm

Hi,

We were offered a 5.29% 2yr fix (FTB) with Leeds BS just under 6 months ago. Due to various chain delays, our offer is set to expire at the start of December and we’ve had to request an extension. The property valuation was previously done with a desktop valuation. 

We have received notification from the estate agent that Leeds BS have instructed Countrywide Surveyors to attend the property and do a physical valuation. 

Is this standard procedure for an offer extension, or should we assume that given market changes over the past 6 months, our lender is now questioning whether the property is still worth what they were happy it was worth 6 months ago?

Thanks 

Hoenir

What's your LTV? 

atlasmm

95% LTV.  

housebuyer143

atlasmm said:

95% LTV.  

Then yes, they are concerned the value has dropped as any minor changes in price will impact you and them hugely. 

Edi81

At that LTV I’m surprised you got a desktop to start with! 

House prices have fallen in the last 6 months. 

Do you have extra deposit to make it back up to 95%?