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Mortgage house valution surveys

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    Mortgage house valution surveys

    quick query

    mortgage initiated house valuation surveys, is the surveyours remit to give a valuation of the house or is it more like "purchase price is £X is it at least worth that much?"

    #2
    He will sit in his car outside the house for 5 minutes doing some paperwork and lo and behold his analysis will be that the house is worth exactly what you are paying for it....

    It is the surveyors remit confirm to the lender the house is worth the money they are lending against it and no more.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #3
      Originally posted by northernladuk View Post
      He will sit in his car outside the house for 5 minutes doing some paperwork and lo and behold his analysis will be that the house is worth exactly what you are paying for it....

      It is the surveyors remit confirm to the lender the house is worth the money they are lending against it and no more.
      thought so

      cheers

      Comment


        #4
        For the standard valuation NLUK is right. If you're paying for an enhanced service then there is more in it for you, but only in for far as they won't move furniture or carpets.

        BTW...if your lender is the Halifax (and therefore I expect Lloyds or TSB too), they will add £100 to the cost of the valuation in order to send you a copy of it. You can ask them not to do this, if you know to ask....
        Last edited by barrydidit; 1 March 2016, 12:49. Reason: tyop

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          #5
          It's just a check to see if your house is actually there. If it's there, it's worth whatever you want it to be. Houses only go up in price, so in theory, your house is worth any amount less than infinity over the long term.

          So as long as you don't put infinity on the mortgage application form you should be fine.

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            #6
            There are occasions when they will say the house is worth less.
            "You’re just a bad memory who doesn’t know when to go away" JR

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              #7
              Originally posted by DimPrawn View Post
              It's just a check to see if your house is actually there. If it's there, it's worth whatever you want it to be. Houses only go up in price, so in theory, your house is worth any amount less than infinity over the long term.

              So as long as you don't put infinity on the mortgage application form you should be fine.
              really? - you've put my mind at ease now cheers

              Comment


                #8
                Originally posted by northernladuk View Post
                He will sit in his car outside the house for 5 minutes doing some paperwork and lo and behold his analysis will be that the house is worth exactly what you are paying for it....

                It is the surveyors remit confirm to the lender the house is worth the money they are lending against it and no more.
                I had one once were the surveyor spotted the house was falling down.

                Comment


                  #9
                  Originally posted by northernladuk View Post
                  He will sit in his car outside the house for 5 minutes doing some paperwork and lo and behold his analysis will be that the house is worth exactly what you are paying for it....

                  It is the surveyors remit confirm to the lender the house is worth the money they are lending against it and no more.
                  Or virtually via Google street view.
                  http://www.cih.org/news-article/disp...housing_market

                  Comment


                    #10
                    I had one where the surveyor thought the house was worth 10k less than the asking price so the bank refused the mortgage and the seller had to drop the price.
                    "He's actually ripped" - Jared Padalecki

                    https://youtu.be/l-PUnsCL590?list=PL...dNeCyi9a&t=615

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