Survey valuation vs mortgage valuation

[MilloT]

So our buyers have had their survey homebuyers valuation done several weeks ago. I was expecting that there would then be a mortgage valuation. Having asked the EA when this would be they said to my surprise that it has already been done, and said that the survey valuation was also used for the bank valuation. I’ve never heard of this being a ‘thing’ and I’m dubious that this is correct. Does anyone know if this is likely or has the EA got their wires crossed? Thanks

I should add for clarity that they definitely are buying with a mortgage and not just cash.

Our homebuyers report was commissioned by the bank providing our mortgage so it sounds right? Further surveys were ordered independently. HTH

Thanks mammabella. Didn’t know that. That’s good news as it’s one less thing for me to worry about. God house moving is stressful!

Yes it’s quite common if arranged through the mortgage lender.

Yes when we applied for our mortgage the bank arranged the survey to take place they covered the cost of a standard survey and we could pay extra if we required a more in-depth survey of the property.

Our lender came with a free valuation and you could upgrade to a home buyers or structural survey at a heavily discounted rate.

The surveyor doing the home buyers report for us did the valuation whilst he was there.

On reflection, I would never commission a survey through a lender again. Even at a heavily discounted rate.

We paid for the surveyor to do our survey at the same time as the bank. Made sense and meant I did not have to organise something additional with the estate agents

Thanks for clarifying everyone. Seems like a good idea to be fair. out of curiosity why do you say you wouldn’t do it again scholesfan? I’m guessing you just felt that they weren’t up to scratch?