Who provides valuation?

[prayforthecottransfer]

It's been a long time since I moved! I'm now selling and buying again. Who provides the valuation for onward purchase? Is it the mortgage lender or the surveyor? I had a survey on my new property this week and have had the report but no valuation.

Depends where you are? In Scotland I think it comes as part of the Homebuyers report before you market the property.

In England and Wales then the estate agent will suggest what to market a property at. A surveyor may well give you a figure for what they think it's worth as part of their report. I think they did on our last house but not
this one and I didn't push for it.

The mortgage company may also do a "valuation" but they only care really about if they'll get their money back if you can't pay the mortgage. So if you've got quite a bit of equity (which you may well do if this is an onward purchase) then they won't be that fussed. Say you are buying a 600k house and you only want to borrow 170k, even in a price crash they'll not be worried about getting that back if you see what I mean. But if you have a 10% deposit and prices might fall 10% they'll be much twitchier and more likely to do a fuller valuation. They might just check Zoopla, they might do a drive by and check there is a house there or they might actually go in and have a look depending on situation.

Sorry just seen you've had the survey. You could ask your surveyor if they'd offer a figure if you'd like one. But will it change what you've offered and had accepted? That's what you and the seller have agreed it's worth. These things are all very subjective and variable. There's no one figure to arrive at.

Ah thank you. I was having blank moment!

We will own about 70% of our house, so it seems like it won't matter.