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How long to get valuer out and get offer
chickmug
Posts: 3,279 Forumite
The times seem to vary enormously but I wonder what others have found to be - firstly the time it takes for the valuer to go after the letters/memo of sale have been issued for the sale agreed. Secondly how much longer for the mortgage offer to be in your nad/or your solcitors hands?
A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
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Comments
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Which mortgage company is it? They do vary.poppy100
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Which mortgage company is it? They do vary.
I am in the business and interested in finding out a wider view on how long these matters take. From my point of view it has become very much slower but so have most stages in the buying/selling process.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
They're not so busy these days
How long it takes a surveyor to go out depends how busy they are/if they're on holiday. The mortgage company will phone round their list of surveyors in the area and ask if they can do it. They will then hand over the contact details. The surveyor's office then phones the house owner and agrees a date based on when the surveyor can do it and when access to the property is possible (house owner might be on holiday or need to book time off work).
After that the surveyor has to dictate his report and get it typed up. It's then printed and sent to the mortgage company and the buyer. Mortgage company person then looks through the file to see if there are any problems. If that person's off sick/on holiday this would slow things down a bit.
Roughly speaking, say 4 weeks. But it's how long is a piece of string.0 -
The last two successful applications have taken about a week from application to mortgage offer!
One company kept us hanging for a few weeks before they decided to pull the product altogether. Trying to pull together another mortgage within a week was fun. not.Everything that is supposed to be in heaven is already here on earth.
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PasturesNew wrote: »They're not so busy these days
Thats a common misconception. Those lenders that have attractive mortgage deals are snowed under with applications. We had one of the reps in last week and he said the processing centre was geared up for 400 new applications a day, but they were getting 800. Its taking some lenders two weeks to even look at a case, let alone start processing it.0 -
I'm in process of applying for a mortage with Co-op Bank and they told me that it would take 6 weeks. However, upon checking they had received my formal application they now say "Oh, it will take up to 8 weeks". Also notice they have withdrawn from marketing the deal I applied for (Lifetime tracker +1.04% above BOEBR), so fully expecting them to write in 8 weeks and tell me that I can't have that deal. I'm not impressed so far but what can one do.....0
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Thats a common misconception. Those lenders that have attractive mortgage deals are snowed under with applications. We had one of the reps in last week and he said the processing centre was geared up for 400 new applications a day, but they were getting 800. Its taking some lenders two weeks to even look at a case, let alone start processing it.
That's why I asked because for me it seems to be taking longer.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Hi,
We are currently in the process of buying our first home. We went to the Halifax on Friday 9th to finalise the mortgage and she instructed the valuer then and he was at the house by Tuesday 13th. We had the report by Friday 16th so it took a week.
Its all in the hands of the solicitors now!0
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