Mortgage valuation

[Parker231]

Help please - we're selling our house and the buyers mortgage valuation is taking place next week - its a two bed mid terrace. What's likely to be involved - how long will it take. We had a full survey on the house we're buying which apparently took four hours and we got a huge report from he surveyor.

If it's just a valuation, will probably take about 15-20 minutes. They take some measurements of rooms, check where the boiler is and generally have a look around. The valuation is based on how the property compares to other recently sold properties in the area.

Most of the valuation takes place from the surveyor's desk, basically making sure the agreed price isn't too high for the type of property in that location.

An update: the surveyor came onTuesday and did the valuation - all seemed to go ok. I've spoken to our estate agents this week and they said that a small retention has been recommended but no details until next week. I'm having a major panic (unnecessarily according to DH!) as the property we're buying is my dream house and has taken 2 years to find and don't want anything to happen which risks us being able to buy it. We'd be happy to take a small reduction from the offer price to keep the buyer on board - he is a first time buyer. Would rather reduce the price than get any work done as time is key now ! Just wish I knew what the retention is for - role on next week !