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Mortgage Valuation Carried out successfully... But!!

(3 Posts)
Taanya Mon 16-Apr-18 19:17:23

My Mortgage lender is Barclays and I have waited so long for them to carry out evaluation for the house.

I need to know the true value of the house that Iam buying. Aparantly he only took less than 5mts to validate the whole house and now they are not even sending me the report to see what the value is.

How do I make sure I am paying the right value of the house I am buying?

Zoopla estimate or recently sold houses nearby does not help as the price I am paying is too much compared.

Please advise

Gobbolinothewitchscat Mon 16-Apr-18 19:23:28

You have to pay for your own valuation report by way of a survey. That one was prepared for your lender and is a valuation survey - it'/ not meant to be comprehensive. Just ensure that the lender can get their money back if you default on the mortgage and they need to repossess and sell. The fact that the lender is still willing to proceed shows that at least they think it is worth the value of what they are lending

Normally you can ask the surveyor who carried out the valuation survey to carry out a more detailed survey for you if you pay extra at the same time. They will not absolutely undertake that the house is worth what you are paying as everyone attaches different values to properties (e.g. It might be near a school you want to get into that someone else isn't bothered about so you would pay more) but they can give you an indication and you can look at zoopla and right move etc too

It is too late to arrange for the bank'/ surveyor to carry out a further survey in your behalf but you can search the RICS website and get details of local surveyors you can instruct

Taanya Mon 16-Apr-18 21:50:35

Thank you Gobbolinothewitchscat for your feedback

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