ommon Problems With Mortgage Valuations
- Late mortgage valuation
The valuation should normally be instructed within a couple of weeks of submitting your mortgage application, but can sometimes be delayed when employment or credit references are slow or require clarification.
So when the mortgage surveyor duly arrives at the seller’s door to carry out the valuation inspection, it should provide some welcome reassurance.
It confirms that the sale is proceeding satisfactorily and reminds them that you’re a serious buyer, and not just stringing them along.
Surveyors acting for lenders have strict turnaround targets, so the bank should receive their (electronic) copy of the valuation report within a mere 24 hours of the visit.
However, this very much depends on bank staff providing accurate access information in the first place – it is not unusual for mistyped contact names, erroneous phone numbers and even wrong addresses to be issued.
It also depends on the surveyor being able to gain access to the property.
So where sellers have disappeared on a fortnight’s holiday without leaving a key, or are just plain awkward, things will temporarily grind to a halt.
Late mortgage offer
One of the main reasons for hold-ups is a delay in receiving the formal mortgage offer. You should receive it within about five to ten days of the mortgage valuation being done, unless any significant problems were highlighted (the majority of mortgage valuations are plain sailing). So after about a week, phone the lender or broker and push whoever is responsible for processing your application until it’s received. Actively chase each stage of the process. You may be a little unlucky and have applied during a busy period (although this, of course, is the banking world’s universal excuse for routine incompetence).
Our next blog – coming soon …….
Downvaluation – What if the surveyor values the property we’re buying lower than the agreed price?
Check out our Rightsurvey blog page for more industry tips and secrets written by property professionals to help put you in control.