Valuation Question

Puma21_2

Dear all,

I'm looking for some advice. We have applied to GE Money for our mortgage. They have debited my account for the valuation fee of £255 on Monday just gone. How long on average will they take to do the valuation? When should I start to push them??

Do mortgage companies often do valuations if they are un sure whether or not to approve a mortgage (I have adverse credit history)? They did the credit check on Monday too.

Would welcome any comments.

_Andy_

A standard valuation paid for by the applicant upfront is the norm for adverse companies.
They will have instructed a valuer who will then instruct a local company. If you haven't heard anything yet then pick up the phone to GE and chase it up. Or get your broker to do it.

Puma21_2

Thank you Andy. I do not want to seem inpatient, but I would like to get the ball rolling. How long shall I leave it before making a fuss?

Do they do more than one full credit check?

Liney_2

Our recent valuation took a week from receipt of our mortgage paperwork (we had already been verbally accepted so there was no hold up). The surveyor had 5 working days from date of his survey to get the written survey back to us. Don't hesitate to chase things up, you need to feel comfortable so pick up the phone and put your mind at rest.
Not sure about the credit check thing?
Good luck.

_Andy_

Should be just one check. Chase them up as soon as you want - you're the customer!

Puma21_2

Cool, thank you Andy. Should I chase through my broker or direct to GE? I would to get everything done ASAP.

_Andy_

Personally I'd ring GE directly.

Puma21_2

Ok. Just don't want to annoy my broker...he has been really good. But I suppose GE may respond to me faster? Is it fair to wait more than a week for a valuation?

_Andy_

You wouldn't be annoying your broker. Part of his job is to make things go through as smoothly and quickly as possible. A week isn't too bad to wait but like I said, pick up the phone to either GE or the broker on Monday, find out which val company has been instructed and either yourself or the broker can chase them.

Puma21_2

Thats a good idea. I did not realise that GE would ask a company for a valuation...thought they would do it themselves.

They have written to my girlfriends new employer to ask for a salary refference? She has only been there for about 5 weeks so no pay slips yet.

Just really keen to get things going.

So in theory, if they valuate the place next week, how long do you think it will take before completion?

_Andy_

Depends - make sure your GFs employer get the reference done quickly.
Not sure if this is a remortgage or you're buying a place but, from offer to completion could be anywhere between 1 week and 3 weeks depending on how good the solicitors are (again your broker should be chasing them to make sure things go through smoothly).