Desk valuation vs in-person valuation?

[IsItAugustYet]

In the current market, is there anything to be inferred by a bank doing an in-person valuation rather than a desk valuation?

Are in-person ones standard for older houses?

It's usually where there aren't enough comparable properties to do a desk top. They avoid in person on the whole.

Generally the higher the LTV%, the more risk to the bank, the more likely it is they will send a surveyor out to value.

Low LTV%, lower risk, desktop much more likely.

There are lots of reasons, including that there is a regulatory requirement for banks to monitor the value of their property collateral at least every three years. A bank might do a % of these as desktop valuations or using their own internally generated data, and then validate the outputs by performing in person valuations on the remaining smaller amounts.

They might also commission the valuation in person if there isn't enough data to benchmark your property against, or if there have been material changes to the property which they want to value.

Is it a buy to let? Who are you banking with?

Thanks for the comments. FTB so only a 10% deposit. Old house which has been extended by the current owners.

I am so worried the valuation will come out lower than our offer as we wouldn’t be able to cover the difference.

My mortgage broker advised most lenders have gone back to in-person valuations now covid has settled. So I wouldn’t worry.

Thank you, fingers crossed!