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Time from offer to valuation

(5 Posts)
ridinghighinapril Thu 05-Feb-15 14:50:49

We had a DIP for, say £500k and ended up having an offer accepted for £550k at the beginning of Jan.
We have supplied all the documents promptly (with the broker receiving them the following working day). We are now 4 weeks down the line and still no valuation date (having paid for both valuation and survey when requested on Jan 15).
The vendor is getting annoyed and has said that if the valuation isn't sorted out by Monday (Feb 9) they will put the property back on the market.
Is 4 weeks a long time to wait for a valuation from the date the offer was accepted esp given that our original DIP was for a lesser amount?

DoolallyMarjorie Sun 08-Feb-15 22:17:19

Depends on the lender. I had an offer the other day in 21 hours from submission with one lender; on the other hand I had one before Christmas that took the lender 6 weeks after they had everything in to issue the offer.

starfish4 Mon 09-Feb-15 14:38:07

You need to chase them. We moved last year and both our valuation and that of our buyer was done within a week of application. We were told by the agent one party in the chain had chosen a mortgagee who was known to take there time over valuations, not doing them for two weeks.

Lucy61 Sun 15-Feb-15 22:23:24

Offer to valuation- two days.

ridinghighinapril Wed 18-Feb-15 11:35:49

Thanks all - we have pressured them and the valuation is now happening this Friday!

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