Nationwide valuation report

7 replies

maplebaconbun · 04/11/2018 22:28

Is this generally shared with the buyer?

Ours was completed in September, but we didn't really receive any paperwork. We just got a confirmation text and have received our offer a couple of weeks ago. Does this matter ? What's the point of the valuation ?

FTB here.

OP posts:

wowfudge · 04/11/2018 22:36

Ours have been shared with us, but it's really basic - the surveyor confirms what he/she thinks the place is worth and briefly states the condition. If it isn't valued at the agreed sale price, I am sure they would tell you. Are you having a survey of your own carried out?

VanGoghsDog · 04/11/2018 22:37

Just a confirmation, no report. Often they didn't even visit the property, they just do a desktop valuation.

VanGoghsDog · 04/11/2018 22:40

The point of the valuation is to reassure the lender that the property they are lending on is worth more than the loan so if they have to repossess due to mortgage defaults, they will get their money back.

Unless there is something odd about the property or the purchase price, this is just an academic exercise. Though with the market currently tumbling I suspect more issues will arise but as of now, it's very basic.

It's of zero use the you as a buyer though.

If you want to know about the property you need to get a home buyers survey. These are usually about £500.

LittleBLUEsmurfHouse · 05/11/2018 08:07

Yep. Valuation is only really needed by you if the valuer has valued the property lower than you have offered, as it then affects the mortgage offer. So long as the valuation says it's worth what you have offered (or more but the valuation will only ever put it at your offer price not higher, even if they believe it's worth more) then it's not important.

peachypetite · 05/11/2018 08:09

They drive past it and decide if it's worth the money you want to pay for it. Nothing else to say!

Mildura · 05/11/2018 09:13

They drive past it and decide if it's worth the money you want to pay for it
If they make the effort of going to the exact location it is highly likely that they'll actually visit the property internally. As a PP said a desktop valuation is possible, depends a lot of LTV amount.

Original poster

maplebaconbun · 07/11/2018 20:53

Ah thanks everyone- I wasn't really sure why it was done, but now I know !

OP posts:

Flip

Please create an account

To comment on this thread you need to create a Mumsnet account.

Join Mumsnet Log In

This thread is closed and is no longer accepting replies. Click here to start a new thread.