Building Society Valuation

Leeds_Fella

Chaps,I will be a getting mortgage with ~ 40%LTV i.e, putting lots of money down as a deposit.I am keen that the valuation the building society do is accurate and in line with current house prices.Questions - do they perform the valuation on the value of the mortgage or the house. Are they looking after their own interests or their clients? I am paying top dollar for a basic valuation and want to go back to the vendor if they feel the house is not worth the agreed price.Advice pls?

dmg24

The lender will instruct a valuer to act on their behalf. They are protecting their own interests. The valuation is based on the value of the property, the valuer may not even know what mortgage amount you require.

homer_j_3

The lender will carry out a standard valuation for their purpose. The surveyor will make sure that the security is adequate and suitable. The surveyor will value the property and ensure that the price you are paying is realistic.

If you want to get a valuation for your purposes then you need to get a homebuyers report, the surveyor may reduce the valuation of they find anything untowards that was not uncovered through the basic valuation.

Dan_Collins_2

Its been said already, but the valuation is for them not you, they will ensure the property is worth what you say it is and that re sale would not be an issue. If your property is new, more so a new flat, then they look in to re sale value a little more.

Estate agents are a guide, if its down valued they will want proof of a property of its type selling at that price. Most agents try to show by asking price not whats already sold!

Good luck

Charlton_King

Valuations are an in-house, lender affair. Basically the latter want to know that the property is good for the amount you want to borrow. Little else concerns them.

dunstonh

A 40% LTV may not even have a valuation carried out. It may just be a drive by or electronic valuation.