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How long after valuation will bank get back

(39 Posts)
Mumofwho Mon 05-Oct-20 21:06:52

We are with NatWest and the valuation is booked for Friday. The valuers will visit the property. How soon after will we know what the valuer report says? How will we find out? Do we find out through our broker?

We just want to get on with things and nothing can move forward until this valuation is out of the way.

OP’s posts: |
HolA13 Mon 05-Oct-20 22:30:26

Oo we are with NatWest too & our valuation is on Wednesday.. we’ve been advised by our broker we/they should hear within 5 days. I don’t think necessarily with the offer but just the outcome of the valuation..

Mumofwho Tue 06-Oct-20 11:52:00

5 working days? Do they count Saturday?

OP’s posts: |
pinklillie Thu 08-Oct-20 18:11:52

We had a valuer come and do a valuation at our house this morning. They said they would report back to the bank this afternoon and that the buyer should have their offer by early next week.

HolA13 Thu 08-Oct-20 22:58:19

I wouldn’t expect they count Saturday no. Customer services may be working but I bet the underwriters & sign off managers aren’t! But I may be incorrect in that assumption ..

Mumofwho Thu 08-Oct-20 23:37:06

Were the valuers Legal & General?

OP’s posts: |
elfofftheshelf Fri 09-Oct-20 11:28:24

We were told it would be 2 working days, but due to workload, it ended up taking 4 days (they don't count weekends) - we got the valuation yesterday pm.

Mumofwho Fri 09-Oct-20 13:08:42

What was the outcome? Did they come back with the same value as what you offered?

OP’s posts: |
Matt83 Fri 09-Oct-20 13:33:14

We have the valuation booked in this coming Monday for our onward purchase. It's with Santander, really nervous about them down valuing it. Has anyone had a valuation done with Santander recently?

Badgerooney Fri 09-Oct-20 14:09:21

@Matt83 snap, we have our valuation booked for Monday with Santander, apparently Legal and General are carrying out the valuation. Not sure where we are in the process so far all I have been asked to supply is proof of equity. I was expecting to be asked to send bank statements so was surprised when the agent informed me that the valuation was booked

Mumofwho Fri 09-Oct-20 14:25:53

We are with NatWest and they are using Legal & General too. I don’t know how conservative L&G are with the valuations.

OP’s posts: |
Matt83 Fri 09-Oct-20 14:30:41

I have just spoken to Santander and the turnaround is 2 working days from when they conduct the valuation. So hopefully should know by next Wednesday.
@Badgerooney fingers crossed yours goes well

Badgerooney Fri 09-Oct-20 14:43:10

@Matt83 thank you, that’s good to know. Fingers crossed yours goes well too

ees2203 Fri 09-Oct-20 14:48:52

My valuation was on Tuesday with Natwest using L&G and my broker had the valuation report by 1pm the following day.

Matt83 Fri 09-Oct-20 14:55:14

@ees2203 was it valued at the price you had agreed?

Bells3032 Fri 09-Oct-20 14:58:08

We are with Santander. We were told a week but came back the next day. But we were putting down a 50% deposit so think they felt fairly safe

ees2203 Fri 09-Oct-20 15:40:35

Matt83

*@ees2203* was it valued at the price you had agreed?

No it came back at 4% less than the agreed price which we split with our seller. We have overpaid on the house but we don't mind as we plan to stay there for a long time.

Matt83 Fri 09-Oct-20 15:48:57

@ees2203 That's good to know. We have agreed a price £30k below asking so hopefully it won't get knock down. Fingers crossed because we don't have much wriggle room to make up the difference

ees2203 Fri 09-Oct-20 15:55:11

Matt83

*@ees2203* That's good to know. We have agreed a price £30k below asking so hopefully it won't get knock down. Fingers crossed because we don't have much wriggle room to make up the difference

How much was the asking price?

Matt83 Fri 09-Oct-20 15:57:38

Asking price was £495k and we agreed to pay £465k. LTV is quite high and that is what is making me nervous about the valuation!!!

elfofftheshelf Fri 09-Oct-20 16:01:27

Mumofwho

What was the outcome? Did they come back with the same value as what you offered?

Yes, same value as our offer (phew)

ees2203 Fri 09-Oct-20 16:06:05

Ours was guide price and we offered just over the guide price but valuation come back in the lower side of guide price range.

Mumofwho Fri 09-Oct-20 17:17:52

We will get the results by the end of next week I suppose.

Question: was it straightforward and quick to agree the final price with the vendor? I would hate a long drawn out process.

OP’s posts: |
ees2203 Fri 09-Oct-20 17:47:03

Mumofwho

We will get the results by the end of next week I suppose.

Question: was it straightforward and quick to agree the final price with the vendor? I would hate a long drawn out process.

Depends on variables e.g. if you have direct contact with vendor or have to go through EA. Mine was done via a messaging system on PB so we negotiated price in a few exchanges and agreed on new price.

However, if this is done via EA i would expect this to take longer

Matt83 Mon 12-Oct-20 17:17:19

Our valuation has come back fine today and we are getting our mortgage official mortgage offer in the next few days. Hope everyone else's is going well

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