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Bank Valuation

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  • 13-10-2014 1:40pm
    #1
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭


    Hi all, hoping for some input/advice.

    My father owns 2 Georgian properties inDublin, which are currently split into. apartments and studios. We are currently updating the units - wiring, plumbing, carpets, furniture, fire proofing, fire system etc.

    We applied for a loan/mortgage from the bank and received an offer letter.

    Obviously, a valuation is required.

    Bank has obtained a quote of €2,000 + VAT for the valuation. This sounds crazy. I was expecting something in the region of €500 max.

    Anyone any ideas why the quote is so high?


Comments

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    #2
    cookiecakes
    Registered Users Posts: 331 ✭✭cookiecakes


    Perhaps they are viewing each apartment and studio as a separate dwelling so they are pricing them individually?


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    #3
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    How many apartments/studios are there?


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    #4
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    18 units in total but the valuation is for the 2 buildings. They are not going to be sold separately, only rented


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    #5
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    garhjw wrote: »
    18 units in total but the valuation is for the 2 buildings. They are not going to be sold separately, only rented

    Sound like they are valuing them separately.


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    #6
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    Yes it sounds like it but makes no sense to me to do that. I am going to push back on this charge.

    Thanks for your input


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    #7
    Fkall
    Registered Users Posts: 135 ✭✭Fkall


    Professional/Commercial valuations are a lot more detailed than one produced for your typical residential mortgage. €2k does not seem unreasonable.


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