Mortgage Fees - How Can I Find Out What They Mean?

Margaret_Skinner

MBM wrote: »

The rules in Scotland are different to England. The lender has to accept your sons own valuation.

Can I ask - how can they check it's a true valuation if they just accept it from an applicant? They may have under or overestimated - would they not need to check it out if they're lending on the property?

Dan_Collins_2

I thought it was more about the figure rather than the report. They would be made not to do a mortgage val.

MBM

Your son instructs a firm of surveyors to value the property. They produce a valuation report which is then given to the lender.

mitchaa

In Scotland, the laws are different as has already been said.

A surveyors report is proof enough for the mortgage company.

And you can get a surveyors valuation much cheaper than £355

jem16

Margaret_Clark wrote: »

Can I ask - how can they check it's a true valuation if they just accept it from an applicant? They may have under or overestimated - would they not need to check it out if they're lending on the property?

Sorry I probably didn't make my meaning clear.

My son's solicitors arranged for a survey after his offer had been accepted subject to survey. A firm of chartered surveyors carried out the survey. We sent a copy of this survey to the mortgage company.

Dan_Collins_2

ah, so a solicitor will take care of it, thats different.