Aibu to think 2 valuations a week apart is ridiculous

[VinceBitMe]

We are trying to buy the home we currently rent but the sale fell through with the last lender so we are going with a different one. The house was valued last week before the original lender put the offer together which fell though.
So now we are waiting on an application with the new lender who want to do another valuation before they confirm their offer, costing us another £300, the previous one was £250. What on earth could possibly be different a week later? The house hasn’t sprouted a new bedroom or a loft conversion 😂
The valuer is going to potentially be the same bloke as last week as we live rurally, so what’s he gonna do? Get his little collapsible ladder out again and look at the attic and go through all the motions? What’s the point?!?! An extra £300 is the point I think!!
So annoyed!!

Surely it’s because the new lender wants to make sure of its value and for a tick box needs to carry out the check itself? It might not have sprouted a loft conversion or new bedroom but it’s possible there could be fire or water damage which would decrease its value.

I see your point but our broker has already told them a valuation was done last week to check for all those things, but they still want to do their own. Again. A week later.

Why did the sale fall through? Did they under value the property? Surely a second valuation gives you a chance to achieve a higher value?

They found it was ex council many years ago and would only do 80% LTV instead of 85%
New lender will do 85% on ex council

Plus we are buying it, I don’t want a higher value 😂

Each mortgage lender will have a panel of surveyors that they contract the work to. The guy that did you initial valuation may or may not be on the panel of the new lender. If he is he can't share the results of the initial survey with the new lender as the original lender has commissioned and paid for that survey. This is just how it works, each lender will want their own reassurance that the property is worth the purchase price.

The valuation is between you and the bank

Even if it comes back to say it’s worth £100k more than you’ve offered, you don’t have to tell the vendor, or pay a penny more

Years ago you could get a retype of a valuation if you changed lender and the valuation had been done within a period of time (something like last three months).

However that changed quite a few years ago. Each lender is taking on the risk of the property/mortgage and so they will insist on having a valuation done for the new mortgage application. The valuation is done for THEIR purposes so they get to make the rules I’m afraid.

That's annoying. My mortgage was with first direct and they don't charge for a valuation. £300 is a lot, we didn't pay much more for a survey.

The first valuation is under the instruction of Bank 1 to Bank 1's specific requirements for the use of Bank 1 only. Bank 1 are the owner of that report.
Might Bank 1 give permission for Bank 2 to use the report?

The 2nd bank might have a different company they want to use.