How much does a valuation by bank cost?

Verte11

Heya anyone had a valutation done by Bank of ireland recently? Does anyone know how much they charge.

Bigcheeze

They dont do them. They have a list of approved valuers. It costs around 130-150

Verte11

oh right thanks for that. but do they organise it or do I have to organise it like the Structural Survey do you know?

Bigcheeze

you organise it yourself.

Verte11

my bank got in touch today and they are organising it for me which is sound.It's costing 160

strmin

Bank's valuer costs €95. Structural Survey is different thing.

Dymo

Structural Survey from €300-€500

Verte11

Thanks for the info. I've had my structural survey done aready (it was 230 I had one done before on another property which was 350)
Valuation figures was what I was after, but my Bank has told me now.It was 160 Euro . 95 for valuation is well cheap.

Blondie2011

I had to pay my own evaluation and the banks too. My own surveyor was €275 and the banks I had to pay €130... Hope this helps--- Surveys were done just over 2 weeks ago...

kraggy

Blondie2011 wrote: »

I had to pay my own evaluation and the banks too. My own surveyor was €275 and the banks I had to pay €130... Hope this helps--- Surveys were done just over 2 weeks ago...

Stupid question but why would one need to get 2 valuations or structural surveys done on a property?

killers1

kraggy wrote: »

Stupid question but why would one need to get 2 valuations or structural surveys done on a property?

You don't. You need a Valuation Report carried out by one of the Bank's approved valuers. This report is for the Bank's benefit to show that the security you are offering for the loan is acceptable. The structural surveyors report is for the clients benefit to show that there are no defects with the property that would effect your desire to purchase it. The bank do not need to see the structural survey unless the house is over 100 years old.

Verte11

Is there a thread for people currently buying a house or who have bought one recently so people could share information. If not will I set one up somewhere? That's if anyone is interested.

killers1

Verte11 wrote: »

Is there a thread for people currently buying a house or who have bought one recently so people could share information. If not will I set one up somewhere? That's if anyone is interested.

It's not a bad idea Verte11. I've been trying to answer any queries people have been having on any aspect of the house buying process, from the mortgage application to the survey, contract and closing stages and am happy to continue to do so. I would have to say though that in general the standard of advice I see on the subject on boards.ie is quite poor and as there are so many variables to both the mortgage application and the house buying process people should be aware that their circumstances and experience may not be relevant to someone else as each transaction has a unique set of variables and conditions..

Verte11

Yes that's very true. I might set one up and see what happens.

gigino

killers1 wrote: »

You need a Valuation Report carried out by one of the Bank's approved valuers. This report is for the Bank's benefit to show that the security you are offering for the loan is acceptable. The structural surveyors report is for the clients benefit to show that there are no defects with the property that would effect your desire to purchase it. The bank do not need to see the structural survey unless the house is over 100 years old.

but does the bank need a strructural survey if the property is over 100 years old? Interesting. Suppose the property is bought, and the bank thinks the security is ok, but the property has serious structural problems and there is a major financial loss as the building has to be knocked. Will the bank then share the pain as it thought the property was good security?

Verte11

My bank requested to see my structural survey as the house is over 100 years old. They are now asking me to get quotes from some specialists due to some things mentioned in the survey. Neither I nor my surveyor view the issues/repairs as major yet the bank want written quotes and proof that I can foot the bill. If the house was built in 1920, it wouldn't be over 100 years old yet it could be a piece of sh*t (or almost) on the inside. Without a structural survey they wouldn't know. It seems a little bit unfair that a property 10 years younger is exempt from these conditions but could be in worse repair. Unfair to me, but probably sensible of them. I know they have to tick their boxes etc and want to prevent further borrowing, but I'd like to decide myself thanks. I'm sure I'm capable of deciding to buy a house with x wrong with it and whether I can afford it. It's true that buying a house is stressful. Hoop, jump, hoop, jump. What next Banky- you want blood?

killers1

Verte11 wrote: »

My bank requested to see my structural survey as the house is over 100 years old. They are now asking me to get quotes from some specialists due to some things mentioned in the survey. Neither I nor my surveyor view the issues/repairs as major yet the bank want written quotes and proof that I can foot the bill. If the house was built in 1920, it wouldn't be over 100 years old yet it could be a piece of sh*t (or almost) on the inside. Without a structural survey they wouldn't know. It seems a little bit unfair that a property 10 years younger is exempt from these conditions but could be in worse repair. Unfair to me, but probably sensible of them. I know they have to tick their boxes etc and want to prevent further borrowing, but I'd like to decide myself thanks. I'm sure I'm capable of deciding to buy a house with x wrong with it and whether I can afford it. It's true that buying a house is stressful. Hoop, jump, hoop, jump. What next Banky- you want blood?

You're right, the bank requesting to see your survey is a box ticking exercise highlighted by the Valuation Report which indicates the age of the property and it's frustrating that a property 10 yrs younger but in worse repair wouldn't attract the same scrutiny. Are you borrowing at a high loan to value ratio? At least your surveyor & you don't see the repairs as major so it shouldn't be a big stumbling block to get over. Your structural surveyor should be able to give you an idea of the costs involved in any works. It's not really about the bank doubting whether you have the wherewithall to make a decision as to whether the property is suitable or not. They look on every application on a worst case scenario so are looking at having to foreclose on your mortgage when you default and are the items raised in the survey going to effect the resale value where they wouldn't recover the amount of the loan lent to you. Depending on your loan to value and if you qualify for the additional borrowing you could increase your loan amount to cover any repairs needed as they seem minor in nature.... That is if you don't want to use your own savings to have the work carried out.

Verte11

After an night of stressing and an email to the bank, they have now decided that an estimate of repairs from my surveyor will suffice. I wish that could have been suggested first! Killers thanks for all the advice

killers1

Verte11 wrote: »

After an night of stressing and an email to the bank, they have now decided that an estimate of repairs from my surveyor will suffice. I wish that could have been suggested first! Killers thanks for all the advice

Glad you got it sorted. I had a feeling that when you said the surveyor thought they were minor issues it should be easily enough overcome with the bank. If you run into any more stumbling blocks anywhere along the line let me know..

Verte11

thanks a mil

Francisco

Hi has anyone got a property valuation for the purposes of a mortgage recently? Boi have quoted me 130 which seems reasonable based on the below comments

Diane Selwyn

I went through AIB who required that I organise and pay for a valuation by someone off their list of approved valuers. They (the bank) didn't quote me a price for it. I paid e150 directly to the valuer but didn't really shop around too much because I had decided to go with an estate agent I knew had recently sold a property similar and close to the one I was buying. I was just a bit worried because prices had gone a bit mental in the area recently so I wanted to get someone that knew what was going on but anyway they asked me the sale agreed price and hey presto that turned out to be the valuation!

Little Miss Cutie

Francisco wrote: »

Hi has anyone got a property valuation for the purposes of a mortgage recently? Boi have quoted me 130 which seems reasonable based on the below comments

We recently purchased and the valuer cost €130. We just picked someone from the approved list that the bank gave us.

Good luck with your purchase

Francisco

Thanks Diane and Little Miss Cutie!

josip

BoI advised us of €130 also, but of their 2 recommended valuers, only 1 responded and they were €146.

pigtail33

I got mine done in April, also organised through BOI. It was €130 with a €35 discount if you paid within 7 days, which I did. So it cost just €95.

keos

Guys, quick question. How long did it take for the valuation report to be issued to you?

Cheers

Little Miss Cutie

keos wrote: »

Guys, quick question. How long did it take for the valuation report to be issued to you?

Cheers

We got ours the same day, valuation was done in the morning and I collected the report on my way home that evening.