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Valuation of new build

  • 23-07-2020 9:21pm
    #1
    CarlosV
    Registered Users Posts: 36 ✭


    Hi

    I was just wondering how long it usually takes for a valuer to send a report to the bank re valuation of a new build property. We are under scary time pressure to get everything signed off before our mortgage approval expires. Snag is booked for 14th august and hopefully will have drawn down by 31st August. Any advice/suggestions welcomed!!!


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,802 Mod ✭✭✭✭Gumbo


    CarlosV wrote: »
    Hi

    I was just wondering how long it usually takes for a valuer to send a report to the bank re valuation of a new build property. We are under scary time pressure to get everything signed off before our mortgage approval expires. Snag is booked for 14th august and hopefully will have drawn down by 31st August. Any advice/suggestions welcomed!!!

    2 weeks for snag, snag sent over.
    Items on snag completed.
    You check again. May still find snags.

    Then paper work.
    I think you better start asking bank for extension.


  • #3
    tedimc
    Registered Users, Registered Users 2 Posts: 623 ✭✭✭tedimc


    If you very very close, which it sounds like you are: would your solicitor draw down the funds just ahead of the deadline and then release them once all is in place?

    We had a somewhat similar issue where there was an extremely long delay in getting the sale through due to issues on the seller’s side. I think we had to reapply 2 or 3 times due to our approval expiring. A right pain in the rear!


  • #4
    CarlosV
    Registered Users Posts: 36 ✭CarlosV


    tedimc wrote: »
    If you very very close, which it sounds like you are: would your solicitor draw down the funds just ahead of the deadline and then release them once all is in place?

    We had a somewhat similar issue where there was an extremely long delay in getting the sale through due to issues on the seller’s side. I think we had to reapply 2 or 3 times due to our approval expiring. A right pain in the rear![/quote

    If the solicitor can do that it would be amazing. I don't care if we are paying before we have the keys. Can solicitor draw down before valuation has come through?? This could be the lifeline!


  • #5
    tedimc
    Registered Users, Registered Users 2 Posts: 623 ✭✭✭tedimc


    I don’t think they are ‘supposed to’ but it is worth asking. I know some have done it. However, I would think you should get your valuation completed in time. From the dealings I’ve had - the auctioneer trend it around in a day or two and all was submitted electronically.

    However - are you very sure the auctioneer will value the property at the value you need for your mortgage LTV?

    If so - chat to your solicitor and see if they would go down that route.


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