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'Drive by Evaluation' by PTSB is it required or even legal?

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  • 25-11-2019 4:47pm
    #1
    UXer
    Registered Users Posts: 6 ✭


    Hi, I'm hoping someone can help out with this one.

    Myself and my partner have a mortage approval on a house we are buying. the Mortgage doesn't expire until January. The Bank (PTSB) is now informing us that we need to get another evaluation done (called a 'Drive by Evaluation' which is 50% of the cost of the original evaluation.

    The house condition, situation has not changed at all so surely it's not required to do this? Can we protest and refuse to order or pay this extra evaluation when it is clearly not needed?

    Text from Bank below:

    *The valuation will expire and what is called a “Drive by” report will be needed – this involves the valuer driving by and confirming his original report. (Cost is half that of a full valuation).

    Thanks in advance for any help or advice on this, much appreciated.

    UX.


Comments

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    #2
    heebusjeebus
    Registered Users Posts: 3,783 ✭✭✭heebusjeebus


    Ya, i think it's just to confirm the property hasn't burnt to the ground since the original valuation.


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    #3
    tomister
    Registered Users Posts: 271 ✭✭tomister


    Typically valuations only last for 4 months. Should this expire prior to drawdown, the banks will require another one. In this case they're just asking for a quick one rather than getting the entire report again. Fairly standard stuff


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    #4
    UXer
    Registered Users Posts: 6 ✭UXer


    Ok, thanks folks:I Appreciate the responses. Seems like we have to pay for someone to drive past the house to see if it basically still standing so? Madness really


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    #5
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Technically the house could have flooded in the meantime so a periodic check isn't crazy. The revaluation is an expense we will claim back though as our delay is land registry based.


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    #6
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,322 Mod ✭✭✭✭Gumbo


    UXer wrote: »
    Ok, thanks folks:I Appreciate the responses. Seems like we have to pay for someone to drive past the house to see if it basically still standing so? Madness really

    When did you get the original valuation done?
    Why has it dragged out so long?

    Its not really madness as the house could have burned down, flooded or deteriorated substantially.


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    #7
    Interested Observer
    Registered Users Posts: 13,105 ✭✭✭✭Interested Observer


    UXer wrote: »
    The house condition, situation has not changed at all so surely it's not required to do this? Can we protest and refuse to order or pay this extra evaluation when it is clearly not needed?

    Of course you can refuse. But then they can refuse to give you a mortgage. Just get it done.


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    #8
    oleard1987
    Registered Users Posts: 174 ✭✭oleard1987


    You will need the final valuation for the house insurance ,When we had the 1st valuation done the house was only half built . Bank insisted on it .Cost was €140 and it was marked on the valuation as not completed
    Had to pay the €70 euro then to have a drive by done so we could get the house insurance


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    #9
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    I had this happen before, IIRC the bank paid for it as the delay was on their end.

    It was to do wiht a central bank rule regarding how recent the valuation needs to be.


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