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Do I have to pay valuation costs?

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  • 28-06-2016 9:36pm
    #1
    super_sweeney
    Registered Users Posts: 223 ✭✭


    Just got called by a valuer today looking to Bill me for this.

    I had not requested it nor been informed it was to be done. Turns out he has done it on the wrong property so I won't be paying this time.

    Is it common to pay this I would have thought the bank should foot this bill as they get enough from us with their extensionate rates


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    #2
    Hazydays123
    Closed Accounts Posts: 215 ✭✭Hazydays123


    super_sweeney wrote: »
    *bumb*

    Just got called by a valuer today looking to Bill me for this.

    I had not requested it nor been informed it was to be done. Turns out he has done it on the wrong property so I won't be paying this time.

    Is it common to pay this I would have thought the bank should foot this bill as they get enough from us with their extensionate rates

    Yeah this is the first I've heard of having to pay for this. UB never mentioned we'd have to pay so I'm quite confused???


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    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note Split to new thread.


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    #4
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    It's in my approval in principal letter from KBC that I have to pay the valuation costs.


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    #5
    SB_Part2
    Closed Accounts Posts: 1,951 ✭✭✭SB_Part2


    I had to pay for mine with BOI. Ulster Bank were offering to pay for it. It's more usual than not to have to pay for it.


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    #6
    L'prof
    Registered Users Posts: 12,036 ✭✭✭✭L'prof


    Standard practice to pay for valuation and it's mandatory to get house valued. Optional, but recommended, to get an engineer's report too.


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    #7
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    L'prof wrote: »
    Standard practice to pay for valuation and it's mandatory to get house valued. Optional, but recommended, to get an engineer's report too.

    I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

    To the OP, its entirely normal practice for the purchaser to pay the valuer, its looked at as a cost of purchase like your legal fees.


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    #8
    L'prof
    Registered Users Posts: 12,036 ✭✭✭✭L'prof


    Askthe EA wrote: »
    I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

    To the OP, its entirely normal practice for the purchaser to pay the valuer, its looked at as a cost of purchase like your legal fees.

    It depends on which engineer you're talking about? The engineer that the bank organises to value the house is mandatory. Like I said though, an additional engineer that will give you a list of possible issues with the house is optional. This was the case when we were going through the process less than a year ago.


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    #9
    al_E_kat
    Registered Users Posts: 107 ✭✭al_E_kat


    We had to have a valuation at our expense in order to get our Loan pack issued. Bank chose and sent out the valuer as well without any consultation with us, think it's just par for the course


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    #10
    Hollister11
    Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    You have to pay it AFAIK.


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    #11
    Irish_rat
    Registered Users Posts: 2,559 ✭✭✭Irish_rat


    Of course you have to pay for it. I've a picky one at the min where I have to contact them to update mine when the property is finished. Bank won't release funds until the current market value is correct.


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    #12
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    In my experience, you don't absolutely need the engineers report to get a mortgage if the house is under 40 years old. All banks will differ though.

    You always need a valuation. Customer pays, and bank provide a list of approved valuers for you to choose from. The BOI list must have had at least 200 options in Dublin.


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    #13
    Archaeoliz
    Registered Users Posts: 142 ✭✭Archaeoliz


    As others have said it's arranged by the mortgage company and only really reports that the property is actually of around the correct value for the mortgage. For a more useful report you do need to get an engineers report as well. We had a lucky escape when one valuer valued the property we were sale agreed on at €70k below the asking price (and €50k below our offer). It was too far for them to drop so we walked away. In the property we finally bought the valuation was fine but the engineer showed us that the heating in part of the house wasn't connected and that an extension had been built with only one structural steel and it needed three. Worth every penny and small price to pay in the long term.


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    #14
    Hazydays123
    Closed Accounts Posts: 215 ✭✭Hazydays123


    Found out today that the bank will be paying for the valuation. So it seems to vary from bank to bank. Surveyor is paid for by purchaser though.


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    #15
    L1011
    Registered Users Posts: 68,903 ✭✭✭✭L1011


    Askthe EA wrote: »
    I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

    Depends on the bank and with some, the declared age and/or location of the property. You may find you're asked for one if its a five year old house in a pyrite zone or its over 100 and not if its a 1980s estate house, for instance.


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    #16
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 CMod ✭✭✭✭Pawwed Rig


    It is part of the central bank guidelines that the valuation report is done within 2 months of mortgage draw down.


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    #17
    baldbear
    Registered Users Posts: 5,564 ✭✭✭baldbear


    If your buying a house you should really know a valuation is required.

    We had to get a second valuation done as we went just over the 2 months before funds finally drawn down. A lot of people are getting stung this way I'd imagine.


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    #18
    Cookie_Dough
    Registered Users Posts: 6,830 ✭✭✭Cookie_Dough


    Hazydays123 wrote: »
    Found out today that the bank will be paying for the valuation. So it seems to vary from bank to bank. Surveyor is paid for by purchaser though.


    Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.


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    #19
    SB_Part2
    Closed Accounts Posts: 1,951 ✭✭✭SB_Part2


    Cookie_Dough wrote: »
    Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.

    Ulster bank cover the cost of valuations.


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    #20
    Cookie_Dough
    Registered Users Posts: 6,830 ✭✭✭Cookie_Dough


    SB_Part2 wrote: »
    Ulster bank cover the cost of valuations.

    Thanks, I figured AIB didn't cover it as there was no mention of it, they just forwarded the list of their approved panel.


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    #21
    Sleepy
    Registered Users Posts: 24,249 ✭✭✭✭Sleepy


    SB_Part2 wrote:
    Ulster bank cover the cost of valuations.
    Brilliant news, I was expecting a bill for the valuation on ours. That's €150 I can put back into the renovation budget! :)


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    #22
    Hazydays123
    Closed Accounts Posts: 215 ✭✭Hazydays123


    Cookie_Dough wrote: »
    Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.

    It was Ulsterbank as you've probably guessed at this point!


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    #23
    Cookie_Dough
    Registered Users Posts: 6,830 ✭✭✭Cookie_Dough


    Hazydays123 wrote: »
    It was Ulsterbank as you've probably guessed at this point!

    Another poster had said it but thanks for the confirmation :)


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    #24
    super_sweeney
    Registered Users Posts: 223 ✭✭super_sweeney


    baldbear wrote: »
    If your buying a house you should really know a valuation is required.

    We had to get a second valuation done as we went just over the 2 months before funds finally drawn down. A lot of people are getting stung this way I'd imagine.
    your probably right but......... if you've never bought a house as most people here have not there is a lot we dont know hence we turn to the community for helpful support :P


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    #25
    alibab
    Registered Users Posts: 678 ✭✭✭alibab


    I'm with AIB and paid for my valuation.


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